PPHE Hotel Group Limited Refinancing of four UK hotels (8280S)
June 28 2018 - 2:00AM
UK Regulatory
TIDMPPH
RNS Number : 8280S
PPHE Hotel Group Limited
28 June 2018
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(R) brand in EMEA and owns the
art'otel(R) 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 GBP45 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
Tel: +31 (0)20 717
Robert Henke, Executive Vice President of Corporate 8600
Affairs
and Customer Experience Tel: +44 (0)20 7034
Lisa Woodman, Director of Corporate Communications 4800
finnCap Ltd
Matt Goode / Emily Watts (Corporate Finance) Tel: + 44 (0)20
Andrew Burdis (ECM) 7220 0500
Berenberg
Tel: +44 (0)20 3207
Ben Wright / Mark Whitmore / James Brooks 7800
Hudson Sandler
Tel: +44 (0)20 7796
Wendy Baker/ Sophie Lister 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(R) Hotels & Resorts or art'otel(R) 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(R)
Hotels & Resorts in Europe, the Middle East and Africa.
The art'otel(R) 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 visit www.vfmii.com/parkplaza
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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