Guernsey-listed PPHE Hotel Group has acquired two hotels it leases and manages in Berlin.
Guernsey-listed PPHE Hotel Group has acquired two hotels it leases and manages in Berlin.
PPHE, formerly Park Plaza Hotels, acquired the freehold interests Art'otel Berlin Mitte and Art'otel Berlin Kudamm for €17.5 mln, net of VAT.
On completion of the deal at end-May, the vendor will pay €2 mln which will be used for renovation works.
Art'otel Berlin Mitte is a 109-guest room hotel located in Berlin Mitte. The second hotel offers 133 rooms just off the Kurfürstendamm, one of Berlin's most famous avenues.
