Business
Acquisition of joint venture interest
Acquisition of joint venture interest.
About this update from Pphe Hotel Group Limited
[{"type":"text","content":"\n \nRNS Number : 9572Z PPHE Hotel Group Limited 16 January 2020 \n\n16 January 2020 \n \nPPHE Hotel Group Limited\n(\"PPHE\" or the \"Company\")\n \nAcquisition of joint venture interest\n \nPPHE, the international hospitality real estate group which owns, co‐owns and develops hotels and resorts, is pleased to announce that, further to the announcement of 14 March 2019, it has acquired from its joint venture partner its 50% interest in W29 Development LLC, a Delaware limited liability company (the \"JV Company\"), for a total consideration of US$ 3.3 million plus associated acquisition costs. As a result, the Company now owns 100% of the JV Company and the associated joint venture arrangements have been terminated. The acquisition was funded from the Company's existing cash resources.\n \nFollowing completion of the acquisition, the total investment by PPHE in this project (including\nUS$ 22.1 million of bank debt) is US$ 43.0 million.\n \nThe JV Company owns the properties located at 538, 540 and 542 West 29th Street, New York. The Company plans to develop its first art'otel in New York and will shortly be progressing the next stage of the development of the property to facilitate this.\n \nBoris Ivesha, President and Chief Executive Officer of PPHE, commented:\n \n\"This acquisition enables PPHE to fully control the design and construction process of what will be our first hotel in New York. We are excited about bringing our art'otel brand to New York and will utilise our 30-year track record to ensure we create value for our shareholders and offer guests a fantastic new destination expected in 2023.\"\n \n \n\n\n\nEnquiries:\n \nPPHE Hotel Group Limited\n\n\n \n\n\n\n\nDaniel Kos, Chief Financial Officer & Executive Director\n\n\n \n\n\n\n\nInbar Zilberman, Chief Corporate & Legal Officer\n\n\nTel: +44 (0)20 7034 1380\n\n\n\n\nLisa Woodman, Director of Corporate Communications\n\n\nTel: +44 (0)20 7034 4800\n\n\n\n\nHudson Sandler\n\n\n \n\n\n\n\nWendy Baker / Lucy Wollam\n\n\nTel: +44 (0)20 7796 4133\n\n\n\n \nNotes to Editors\n \nPPHE Hotel Group is an internationa...