Business
Arena Acquisition of 88 Rooms Hotel, Serbia
Arena Acquisition of 88 Rooms Hotel, Serbia.
About this update from Pphe Hotel Group Limited
[{"type":"text","content":"\n \nRNS Number : 2209X PPHE Hotel Group Limited 26 April 2019 \n\n \n26 April 2019\n \nPPHE Hotel Group Limited\nArena Acquisition of 88 Rooms Hotel, Serbia\n \nPPHE Hotel Group Limited (the \"Group\"), the international hospitality real estate group which owns, co-owns and develops hotels, resorts and campsites, is pleased to announce that Arena Hospitality Group d.d. (\"Arena\"), of which it is the controlling shareholder, has agreed to acquire, via its subsidiary Sugarhill Investments B.V., the 88 Rooms Hotel, a four-star hotel in Belgrade, Serbia (the \"Hotel\") for HRK 47 million (approximately £5.5m), marking its entry into a new market. \nThe contemporary 88 Rooms Hotel is located minutes away from the Serbian capital's historic old town and offers 88 rooms and suites, a restaurant, bar, conference room and fitness facilities.\nThe Hotel is currently owned by MK Aviation Services d.o.o. The completion of the transaction is subject to certain steps and conditions to be fulfilled and Arena expects the necessary steps to acquire the full ownership of the Hotel to be completed by the end of 2019.\nBoris Ivesha, President and Chief Executive Officer, PPHE Hotel Group, said:\n\"We are delighted to see Arena flourishing within the markets it operates in. It is one of the most dynamic hospitality groups in Central and Eastern Europe, operating iconic venues and we look forward to continuing its momentum as it invests in its existing portfolio and expands into new territories.\"\nReli Slonim, President of the Management Board, Arena Hospitality Group said:\n\"We are pleased to announce this latest acquisition, which marks our entry into a new market for our Group and is in line with our strategy to further develop our portfolio of upscale, upper upscale and lifestyle properties across the CEE region. Earlier this year we announced our investment programme in several of our existing properties and this, combined with this new acquisition, demonstrates our commitment to further create value for our guests and our shareholders.\"\n-ENDS-\n \nEnquiries:\nPPHE Hotel Group Limited\nDaniel Kos\nChief Financial Officer & Executive Director\n \nRobert Henke\nExecutive Vice President of Commercial & Corporate Affairs\nTel: +31 (0)20 717 8600\n \nTulchan\nDavid Allchurch / Jessica Reid\...