PPHE HOTEL GROUP LIMITED PPHE Hotel Group Limited
(the 'Company' or 'PPHE Hotel Group')
Refinancing of four UK hotels
PPHE Hotel Group, an international hospitality company which together with its subsidiaries (the Group) owns and develops hotels and resorts, operates the Park Plaza®brand in EMEA and owns the art'otel®brand, is pleased to announce that it has entered into an agreement to refinance its interests in four hotels in the United Kingdom (namely, Park Plaza London Park Royal, Park Plaza County Hall London, Park Plaza Leeds and Park Plaza Nottingham) (together, the Hotels).
Banque Hapoalim (Luxembourg) S.A. (BHI) will be providing the new £45 million facility, which will be for a term of 7 years and will bear a fixed interest rate of 4.367% per annum (the Facility).
The Facility contains customary debt service cover and loan to value financial covenants which must be complied with at all times from 31 March 2019, subject to an ability to cure in certain circumstances through the injection of equity or prepayment (to the extent necessary) of the Facility.
The Facility will be secured by, among other things, mortgages over the Group's ownership interests in the Hotels and security over the shares in the Group companies that own such interests in the Hotels.
The Facility will be used (among other things) to refinance the existing 2016 Park Plaza London Park Royal construction facility with BHI in full, to repay certain shareholder loans and for general corporate purposes.
Drawdown under the Facility is subject to certain conditions precedent being fulfilled and funding is expected to take place by the end of June 2018. The Facility is further subject to certain conditions subsequent being fulfilled within one year.
Enquiries:
PPHE Hotel Group Limited | |
Robert Henke, Executive Vice President of Corporate Affairs and Customer Experience Lisa Woodman, Director of Corporate Communications | Tel: +31 (0)20 717 8600 Tel: +44 (0)20 7034 4800 |
finnCap Ltd | |
Matt Goode / Emily Watts (Corporate Finance) Andrew Burdis (ECM) | Tel: + 44 (0)20 7220 0500 |
Berenberg | |
Ben Wright / Mark Whitmore / James Brooks | Tel: +44 (0)20 3207 7800 |
Hudson Sandler | |
Wendy Baker/ Sophie Lister | Tel: +44 (0)20 7796 4133 |
Notes to editors
The Company 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 the Radisson Hotel Group, 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 in operation 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 2022.
Company websites:
www.pphe.com
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com
www.artotels.com
www.arenaturist.com
For images and logos visitwww.vfmii.com/parkplaza
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Disclaimer
PPHE Hotel Group Limited published this content on 28 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 June 2018 06:12:06 UTC
