PPHE Hotel Group has got the nod from Westminster City Council to develop a new hotel within the Park Plaza Victoria London, SW1.
At Park Plaza Victoria London, the PPHE will convert 70,000 sq ft of predominantly subterranean space into a new 179-bedroom hotel with a separate and dedicated entrance. The current 299-key Park Plaza Victoria London hotel will continue to operate stand-alone in its current form.
On completion, the group will operate a dual-branded hotel consisting of the upper upscale Park Plaza Victoria London and a midscale lifestyle product in the subterranean levels. The brand for the new hotel is yet to be announced.
PPHE said it expected to significantly increase the asset valuation and yield on completion.
Detailed design, construction and funding plans are currently being prepared and further updates will be announced in due course.
Boris Ivesha, president and chief executive at PPHE, said: “This is an exciting new project utilising an existing asset and operations in a sought-after location to maximum effect.
“The strategy here is consistent with the group’s longstanding approach to building long-term shareholder value through the measured use of its balance sheet and tactical capital investment.”
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