PPHE Hotel Group has agreed to acquire the remaining 50% interests in three hotels in Amsterdam and one in Utrecht from a subsidiary of Elbit Imaging Limited for a total of EUR 26.5 mln.
PPHE Hotel Group has agreed to acquire the remaining 50% interests in three hotels in Amsterdam and one in Utrecht from a subsidiary of Elbit Imaging Limited for a total of EUR 26.5 mln.
The purchase will be financed with EUR 23 mln in cash and the issue of 700,000 new shares.
The package consists of Park Plaza Amsterdam Airport, Park Plaza Victoria Amsterdam, Park Plaza Utrecht and art'otel amsterdam project, which are currently operated under the direction of Park Plaza Hotels Europe B.V.
The deal is due to close by 31 May 2012.
Based on the most recent valuation of the hotels, Elbit's interest to be acquired has a value of EUR 88 mln and includes bank debt of EUR 57 mln.
PPHE Hotel Group Limited (formerly Park Plaza Hotels Limited) has a portfolio of owned, leased, managed and franchised hotels comprising 38 hotels offering a total of 8,376 rooms.
