26 June 2017
PPHE Hotel Group Limited
("PPHE Hotel Group")
Exercise of Sugarhill Option
PPHE Hotel Group which together with its subsidiaries (the "Group") owns, leases, develops, operates and franchises full service upscale, upper upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe, announces that it has today sold its remaining 12% interest in Sugarhill Investments B.V. ("Sugarhill") to its non-wholly owned subsidiary Arena Hospitality Group d.d. ("Arena") for an amount of €8.33 million.
Background
As announced on 21 and 23 December 2016, PPHE Hotel Group contributed 88% percent of its interest in Sugarhill, which, together with its subsidiaries ("Sugarhill Group"), comprised the Group's German and Hungarian assets and operations, in exchange for 1,091,250 new shares in Arena. Following such contribution, the Group continued to hold 12% of the shares in Sugarhill ("Sugarhill Shares"). PPHE Hotel Group also granted an option to Arena to acquire the Sugarhill Shares for an amount of €8.33 million (the "Option") at any time during the following 18 month period.
Arena has exercised that Option and the Sugarhill Shares have been sold pursuant thereto.
Enquiries:
PPHE Hotel Group Limited |
Chen Moravsky, Deputy Chief Executive Officer and Chief Financial Officer |
Tel: +44 (0)20 7034 4800 |
Hudson Sandler Financial Public Relations |
|
Wendy Baker / Jocelyn Spottiswoode |
Tel: +44 (0)20 7796 4133 |
Notes to editors
PPHE Hotel Group is a Guernsey registered company and through its subsidiaries, 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® Hotels & Resorts or art'otel® brands. The Group has an exclusive licence from Carlson Hotels Worldwide Inc., 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 39 hotels offering a total of approximately 9,000 rooms. The Group's development pipeline includes two new hotels which are expected to add an additional 500 rooms by the end of 2019.
Company websites:
www.pphe.com
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com
www.artotels.com
www.arenaturist.com
For images and logos visit www.vfmii.com/parkplaza
