London - July 30, 2018
PPHE Hotel Group, an international hospitality company which owns and develops hotels and resorts, operates the Park Plaza® brand in EMEA and owns the art'otel® brand, is delighted to confirm its successful move to a Premium Listing on the Main Market of the London Stock Exchange.
A Premium Listing is recognized by investors as one of the highest quality listings obtainable and will increase the profile of the company and provide access to a wider international and institutional investor base. The listing will also facilitate potential inclusion in the FTSE Indices (subject to passing liquidity and free float thresholds).
As part of the move to the Premium List, PPHE Hotel Group commissioned a valuation exercise in respect of its hotels located in the UK and the Netherlands, which supported the Group’s growth track record. This recent valuation by Savills of these hotels showed an increase in property value of c.£639m compared to book value (as at 30 April 2018). Going forward, PPHE Hotel Group hopes to expand its development pipeline and explore further growth opportunities.
This move comes on the back of a busy year of corporate activity for the Group. Notably during 2017, PPHE Hotel Group undertook a number of strategic transactions including the sale and leaseback of Park Plaza London Waterloo, raising circa £85 million in excess cash for future development and growth. In addition, PPHE Hotel Group completed a successful public offering of new shares in its Croatian subsidiary, Arena Hospitality Group, which raised €106 million of new capital for portfolio investment and growth. These activities have allowed the Group to free up capital to pave the way for future redevelopment and growth opportunities.
Boris Ivesha, President & Chief Executive Officer of PPHE Hotel Group, commented:
"Since our AIM IPO in 2007, we have significantly expanded our business, particularly through investments in new development projects and renovation programmes. We are delighted to move to the Premium List as with this brings several benefits for shareholders, including an increased profile for PPHE Hotel Group and access to a wider international and institutional investor base.”
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Notes to editors
PPHE Hotel Group Limited is a Guernsey registered company and through its subsidiaries (the Group), jointly controlled entities and associates, owns, leases, operates, franchises and develops full-service upscale, upper upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe.
The majority of the Group's hotels operate under the Park Plaza® or art'otel® brands. The Group has an exclusive licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® Hotels & Resorts in Europe, the Middle East and Africa.
The art'otel® brand is wholly owned by the Group.
The Group has a controlling ownership interest (51.97% of the share capital) in Arena Hospitality Group, one of Croatia's best-known hospitality groups.
The Group's portfolio of owned, leased, managed and franchised hotels comprises 38 hotels in operation offering a total of approximately 8,800 rooms. The Group's development pipeline includes two new hotels in London which are expected to add an additional 500 rooms by the end of 2022.
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