PPHE Hotel Group buys Waterloo site for £12m
PPHE 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, it announced on Monday.
The FTSE 250 hotel owner and developer said the site was acquired from a third party seller at a total investment of £12m, excluding taxes and associated costs, funded from the group#s existing cash.
It said it acted quickly to secure the “attractive opportunity”, is situated near 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,” the board said in its statement.