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PPHE cleared to develop underground hotel at London Victoria

Mon, 27th Nov 2023 09:36

(Alliance News) - PPHE Hotel Group Ltd on Monday said it has received planning approval for a new subterranean hotel in London.

The London-based hotel and resort operator said it will develop a new site within its existing Park Plaza Victoria London property, after getting the green light from Westminster City Council.

PPHE will convert 6,500 square metres of "predominantly subterranean space to a new 179-guest room hotel with a separate and dedicated entrance", at Park Plaza Victoria, near London Victoria rail station. The current 299-room hotel will continue to operate separately.

PPHE said it will operate a dual-branded hotel, consisting of the 'upper upscale' Park Plaza Victoria London and a 'midscale lifestyle' hotel, the brand for which hasn't yet been announced.

"Given that development will be utilising the existing structure, and land does not need to be acquired, the group expects to significantly increase the asset valuation and yield upon completion," PPHE said, noting that subterranean hotels are a segment gaining traction, particularly in London.

Chief Executive Officer Boris Ivesha commented: "This is an exciting new project utilising an existing asset and operations in a sought-after location to maximum effect."

Shares in PPHE were trading 0.5% higher, at 1,196.25 pence each in London on Monday morning.

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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