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On August 21, 2026, PPHE Hotel Group Limited completed the sale of its development site in Manhattan, New York, to a US real estate developer. The freehold site was sold for a purchase price of $33.5 million. From the sale proceeds, $6.75 million of associated debt was repaid.
| Date | 21 Aug 2026 |
| Time | 07:00:02 |
| Category | Disposals |
| ID | 5847R |
21 August 2026
PPHE HOTEL GROUP LIMITED
("PPHE Hotel Group", "PPHE" or the "Group")
Completed sale of New York development site
Further to the announcement on 18 February 2026, PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, is pleased to announce that it has successfully completed the sale of its development site located in Manhattan, New York.
The transaction was structured as a sale of the freehold site to a US real estate developer for the purchase price of $33.5m. The sale proceeds were used to repay the associated debt of $6.75m and the balance of funds will be deployed in accordance with the Group's capital allocation strategy.
Enquiries
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PPHE Hotel Group Limited
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Tel: +31 (0)20 717 8600
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Daniel Kos, Chief Financial Officer & Executive Director
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Robert Henke, Executive Vice President Commercial Affairs |
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Notes to Editors
PPHE Hotel Group is an international hospitality real estate company, with a £2.2 billion portfolio, valued as at December 2025 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.
Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.
PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.
PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.
Company websites: PPHE Hotel Group | Arena Hospitality Group