PPHE Hotel Group is to pay €26.5m for the remaining 50% interests in Park Plaza Amsterdam Airport, Park Plaza Victoria Amsterdam, Park Plaza Utrecht and art’otel amsterdam project, which it is buying from a subsidiary of Elbit Imaging.
Elbit’s interest has been valued €88m and there is debt of €57m.
PPHE Hotel Group, formerly Park Plaza Hotels, is also acquiring the loans which relate to each asset. It will pay €23m in cash, issue 700,000 shares and make a deferred adjustment payment after four years.
PPHE has an exclusive licence from Carlson to develop and operate Park Plaza Hotels & Resorts in Europe, the Middle East and Africa. Its portfolio of owned, leased, managed and franchised hotels comprises 38 hotels and it has a development pipeline that includes three new hotels and two mixed-use developments which will add about 900 rooms to the portfolio by the end of 2014.
