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Full-service upscale and lifestyle hotel company PPHE Hotel Group announced on Wednesday that one of its wholly-owned subsidiaries has exchanged contracts to buy from its joint venture partner its 50% interest in its joint venture company, Aspirations, for a consideration of £35m, subject to working capital adjustments to be made on completion.
Europe-focussed full-service upscale and lifestyle hotel owner, developer and operator PPHE Hotel Group announced its trading update for the three months to 31 March on Tuesday, reporting that on a like-for-like basis, revenue increased by 17.0% to £53.3m, driven by a marked recovery in the leisure segment in London, the opening of the extension of Park Plaza London Riverbank, improved trading in Germany and a currency exchange rate benefit.
Revenue increased for PPHE Hotel Group in 2016, with a stronger second half for the year due to consolidation of its Croatian operations and following a softer first half due to the Brexit vote and several terrorist attacks.
PPHE Hotel Group said on Friday that Arenaturist, in which it has a controlling stake, has agreed to buy the freehold interests in two hotels in Germany.
AIM-listed PPHE Hotel Group's revenue rose due to the favourable euro/sterling exchange rate, with the hotel operator telling investors it expects trading to be in line with current expectations.
PPHE Hotel Group is selling its wholly-owned Croatian operating companies to Arenaturist for HRK108.55m, or about 14.4m, in cash as completion.
Accommodation investor and developer PPHE Hotel Group confirmed it had completed the acquisition of its Arenaturist joint venture in Croatia.
Luxury hotel operator PPHE Hotels was in a strong position on Thursday, publishing its final results for the 2015 calendar year as it prepared to open more than 1,000 new rooms.
Hospitality management group PPHE Hotel Group has signed an agreement with Battersea Power Station Development to develop a luxury hotel on the site.
Shares in PPHE Hotel Group rose on Tuesday after the hotel operator said it expects to post first-half revenues ahead of last year.