(Alliance News) - PPHE Hotel Group Ltd said Thursday it has acquired the remaining 50% interest in joint venture W29 Developments LLC from real estate developer Largo 452 West 29th Street Partners Inc for USD3.3 million.
The FTSE 250 hotel and resorts developer and operator first entered the 50-50 joint venture with Largo in March 2019, which was for buying property in New York for USD42 million.
W29 Development owns the properties located at 538, 540 and 542 West 29th Street, and PPHE now intends to use the now wholly-owed joint venture to develop an art'otel in New York.
"This acquisition enables PPHE to fully control the design and construction process of what will be our first hotel in New York. We are excited about bringing our art'otel brand to New York and will utilise our 30-year track record to ensure we create value for our shareholders and offer guests a fantastic new destination expected in 2023," said Chief Executive Officer Boris Ivesha.
Shares in PPHE Hotel - which is based in Amsterdam - were down 0.5% at 1,930.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.