PPHE Hotel Group has received planning consent from Westminster City Council to develop a new hotel within the Park Plaza Victoria London property. The company plans to convert 6,500 square meters of predominantly subterranean space into a new 179-guest room hotel with a separate entrance. The existing 299-key Park Plaza Victoria London hotel will continue to operate as it is. The development will allow the company to tap into a growing segment of the market and increase the asset valuation and yield upon completion. Detailed design, construction, and funding plans are currently being prepared.
Boris Ivesha, President & Chief Executive Officer of PPHE Hotel Group, expressed excitement about the project, stating that it will enhance their London portfolio and broaden their accommodation proposition. He also mentioned that the strategy aligns with the company's approach to building long-term shareholder value through the use of its balance sheet and tactical capital investment.
Further updates on the project will be announced in due course. Interested readers can find the full announcement on the company's website.