Business
Acquisition of Joint Venture Interest in London
Acquisition of Joint Venture Interest in London.
About this update from Pphe Hotel Group Limited
[{"type":"text","content":"\n \nRNS Number : 7226C PPHE Hotel Group Limited 24 January 2018 \n\n \n \n \n24 January 2018\n \nPPHE Hotel Group Limited\n(\"PPHE Hotel Group\" or the \"Company\")\n \nAcquisition of Joint Venture Interest in London \nPPHE Hotel Group, which owns, leases, develops, operates and franchises full service upscale, upper upscale and lifestyle hotels in major gateway cities and resort destinations, predominantly in Europe, is pleased to announce that one of its wholly owned subsidiaries, has exchanged contracts to buy from its joint venture partner its fifty percent interest in its joint venture company, Aspirations Limited ('Aspirations'), for a consideration of thirty-five million pounds (subject to working capital adjustments to be made on completion).\nAspirations owns the site located by Old Street, Rivington Street, Great Eastern Street and Bath Place, London EC1 on which it plans to develop art'otel london hoxton. \nThe Company initially entered into this joint venture in 2008 by investing £11.0 million for its fifty percent interest. This acquisition will be funded through cash resources.\nThe acquisition will enable the Company to control the timetable for construction and hence construction of a mixed-use scheme consisting of the 318 room art'otel london hoxton, office and commercial space and ancillaries are now expected to commence in the second quarter of this year. \nThe sale is expected to complete by the end of March 2018. \nBoris Ivesha, President and Chief Executive Officer of PPHE Hotel Group, commented:\n\"We are excited about this latest transaction which is part of realising the next phase of growth for our group. Construction of art'otel london hoxton is now expected to commence in the second quarter of this year and this lifestyle hotel, located in one of London's most exciting neighbourhoods, will complement our other art'otel already under construction, the landmark art'otel london battersea power station.\" \n \nEnquiries:\n\n\n\n\nPPHE Hotel Group Limited \n\n\n\n\n\n\n\n \nRobert Henke, Executive Vice President of Corporate Affairs \nand Customer Experience \n\n\nTel: +31 20 717 8600\n\n\n\n\nLisa Woodman, Director of Corporate Communications\n\n\nTel: +44 (0)20 7034 4800\n\n\n\n\nHudson Sandler Financial Public Relations\n\n\n\n\n\n\n\nWendy...