PPHE Hotel Group Limited Share News (PPH)

(Sharecast News) - PPHE Hotel Group announced the receipt of planning approval for a new mixed-use hotel-led development on London's South Bank on Tuesday.

The FTSE 250 hospitality operator said the project, which followed a successful public inquiry, would feature a 15-storey, design-led hotel with 186 rooms, marking its fifth hotel in the Waterloo area.

It said the development, on Westminster Bridge Road opposite Lambeth North Station, would offer hotel accommodation as well as two floors of office and light industrial space.

The ground floor would include a flexible public area, with an all-day dining bar and café, aimed at attracting both tourists and local residents.

Sustainability was said to be a key focus of the project, with the building targeting a BREEAM 'Excellent' environmental accreditation.

The development would take place on a former brownfield site, which PPHE purchased for £12m in 2019, with detailed designs for the project currently being finalised.

Further updates regarding the investment and project timeline were expected in the near future.

"The development will combine lifestyle hotel rooms with welcoming office, leisure and creative spaces for the benefit of the entire community," said the company's president and chief executive officer, Boris Ivesha.

"This is a hugely exciting project for the group, located close to some of London's most exciting landmarks.

"This development will further enhance the Group's strong presence on London's South Bank and add to our high quality, well-located London portfolio which will increase to 3,900 rooms as a result."

At 1107 BST, shares in PPHE Hotel Group were down 0.33% at 1,330.55p.

Reporting by Josh White for Sharecast.com.