PPHE Hotel Group hires bankers Rothschild to run formal sale process

(Alliance News) - PPHE Hotel Group Ltd on Friday launched a strategic review and formal sale process that could result in the acquisition of the company.

The Guernsey-registered company operates hotels throughout Europe, the Middle East and Africa, with a property portfolio valued at GBP2.2 billion.

PPHE develops and operates Park Plaza hotels under license from Radisson Hotel Group. It also owns the art'otel brand. Its Croatian subsidiary Arena Hospitality Group is listed on the Zagreb Stock Exchange and owns and operates the Arena Hotels & Apartments and Arena Campsite brands.

PPHE on Friday said it has appointed Rothschild & Co as its financial adviser for the strategic review and sale process.

The review will "consider a range of potential options to maximise value for all shareholders", it said. These options could include selling some or all of the company or introducing new growth capital into the company or its hotel portfolio.

PPHE noted that its 44% shareholders, Eli Papouchado and Boris Ivesha, support the review. In a stock exchange announcement last week, the pair of investors confirmed "they intend to hold a small handful of meetings with financial investors in relation to a range of potential options, from contributing growth capital to PPHE, to a potential partial monetisation of their stakes in PPHE."

Papouchado and Ivesha said at the time that there were not in discussions with any parties and not in receipt of any offer.

PPHE shares were up 1.4% to 1,796.00 pence early Friday in London, giving the company a market capitalisation of GBP751.7 million. The stock is up 52% over the past 12 months.

By Tom Waite, Alliance News editor

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