PPHE acquires development site in Waterloo for hotel
02 December 2019PPHE Hotel Group has acquired the freehold interest in a site located in London SE1 with a view to developing the Site into a hotel, subject to planning permission being obtained.
The Site was acquired from a third party seller at a total investment of £12 million (excluding taxes and associated costs) funded from the Group's existing cash. The Group acted quickly to secure this attractive opportunity, which is situated near to Park Plaza London Waterloo.
The acquisition is aligned to PPHE Hotel Group's proven development strategy of targeting real estate in prime locations and attractive geographies where there is significant upside potential to drive growth and long-term value through both the property portfolio and operations.