PPHE Hotel completes purchase of development site near City of London
PPHE Hotel Group Ltd on Friday said it has completed the acquisition of a development site near the City of London for £17.5 million.
The Amsterdam-based operator of Park Plaza and Art’otel hotels, among other brands, said it has bought the site via a subsidiary of its European Hospitality Fund.
The 13,000 square metre mixed-use development site is located near the City of London and Tower Bridge, and has planning permission.
The development is due to open in 2029, and will feature a Radisson RED lifestyle hotel with at least 182 bedrooms, a restaurant, bar and gym, and 41,000 square feet of office space.
PPHE said it expects an all-in investment of around £90 million for the project, including the site acquisition price.
The company said it expects a high-single-digit unlevered annual yield at stabilisation.
The site is the second to be acquired by the fund in line with its strategy, following the earlier acquisition of the art’otel Rome Piazza Sallustio.
Shares in PPHE Hotel Group were up 0.9% at 1,366.00 pence in London on Friday morning.
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