PPHE Hotel Group has announced that one of its wholly owned subsidiaries has exchanged contracts to buy from its joint venture partner a 50% interest in Aspirations Limited for £35m.
Aspirations owns a site near Old Street, EC1, where it plans to develop the art’otel London Hoxton.
PPHE initially entered into this joint venture in 2008 by investing £11m for its 50% interest. The acquisition will be funded through cash resources.
PPHE will now control the timetable for construction for the development, which comprises the 318-bedroom art’otel, office and commercial space.
The sale is expected to complete by the end of March 2018 and construction is expected to commence in the second quarter of this year.
Boris Ivesha, president and chief executive officer of PPHE Hotel Group, said: “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.”
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