PPHE advances £200 million development plans
Pictured: Construction of art´otel London Hoxton.
International hospitality real estate company PPHE Hotel Group is working its way through a more than £200 million development pipeline.
The firm, which develops, owns and operates hotels and resorts, reported in its Q3 2022 trading update that all development works were progressing in line with plans.
PPHE is currently developing a pair of projects in London, UK. Works on art’otel London Battersea Power Station, which will be operated by the group under a management agreement through its hospitality platform, are nearing completion. The 164-key hotel is set around the historic Grade II listed Battersea Power Station and will feature a number of show-stopping skyline floors with panoramic views leading up to a roof garden.
For the same brand, art´otel London Hoxton is scheduled for completion in the first half of 2024. The 27 floor-build consists of 343 guestrooms and suites alongside five floors of office space. The top floors will offer a lounge, bar, gym and destination restaurant.
Across Europe, the group also has a project in the Italian capital, artotel Rome which is due to open in the second half of 2023. This is a conversion of the former Londra & Cargill Hotel and will result in a 101-key site.
Furthermore, PPHE has two developments on the slate in the Croatian capital city, Zagreb. The 150-room art’otel Zagreb is slated to complete in Q2 2023, while an as-yet unbranded site on the municipality’s Amruseva Street is converting an iconic building into a 115-key five-star hotel with meeting rooms, a wellness centre and a restaurant.
PPHE’s president and CEO, Boris Ivesha, said of the group’s latest results: “We are extremely pleased with our continued strong trading performance despite well-documented macroeconomic challenges, perfectly reflecting our successful rates-led growth strategy. Our Q3 performance is now at levels above those pre-pandemic.
“We have also continued to progress our development pipeline and remain excited about the prospects for our upcoming new hotel openings. While macroeconomic pressures continue to impact our industry, we remain confident about the group’s ability to grow revenues and EBITDA through its rate-led strategy.”
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PPHE Hotel Group owns, leases, develops, manages and franchises primarily full-service four-star, four-star deluxe and contemporary lifestyle hotels in major gateway cities and regional centres primarily in Europe.