PPHE takes full control of London hotel project for €40m

A subsidiary of Europe-focused PPHE Hotel Group has purchased the remaining 50% share in a hotel development site in Hoxton, London, for £35 mln (€40 mln) from the Reuben brothers, joint venture partners in the scheme.

artotel hoxton

Artotel Hoxton

The joint venture, dubbed Aspirations, owns a site located by Old Street, Rivington Street, Great Eastern Street and Bath Place, London EC1 on which it plans to develop art'otel london hoxton.

'We are excited about this latest transaction which is part of realising the next phase of growth for our group,' commented Boris Ivesha, president and CEO of PPHE Hotel Group.

'Construction of art'otel london hoxton is now expected to commence in the second quarter of this year and this lifestyle hotel, located in one of London's most exciting neighbourhoods, will complement our other art'otel already under construction, the landmark art'otel london battersea power station.'

PPHE initially entered into the joint venture in 2008 by investing £11.0 mln (€12.6 mln) for a 50% interest. This acquisition will be funded through cash resources.

According to PPHE, the acquisition will enable the company to control the timetable for construction. The development comprises a mixed-use scheme consisting of the 318 room art'otel london hoxton, office and commercial space and ancillaries.

The sale is expected to complete by the end of March 2018.

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