PPHE Hotel Group gains approval for new hotel at Park Plaza Victoria London

PPHE Hotel Group, known for its international hospitality real estate ventures, is delighted to announce that it has received planning consent from Westminster City Council for a new hotel within the existing Park Plaza Victoria London property. This development marks a significant expansion in their London portfolio.

Innovative Use of Space for New Hotel at Park Plaza Victoria London

The group will transform 6,500 square metres of predominantly subterranean space into a 179-guest room hotel, complete with a separate and dedicated entrance. This innovative approach is expected to tap into a growing market segment, particularly in London. Meanwhile, the existing 299-key Park Plaza Victoria London hotel will continue to operate independently.

Dual-Branded Hotel Strategy and Market Potential

Upon completion, PPHE Hotel Group will introduce a dual-branded hotel concept, combining the Upper Upscale Park Plaza Victoria London with a Midscale Lifestyle product, the brand of which will be announced later. This strategy aims to attract a new guest demographic and enhance overall asset value.

Statement from Boris Ivesha, President & CEO of PPHE Hotel Group

Boris Ivesha, President & Chief Executive Officer of PPHE Hotel Group, expressed enthusiasm about the project. He emphasized the strategic use of an existing asset in a prime location to optimize returns and broaden the accommodation offerings, aligning with the Group’s approach to building long-term shareholder value.

Development Plans and Future Updates

The development will utilize the existing structure, negating the need for land acquisition, which is expected to significantly increase the asset valuation and yield upon completion. The Group is currently preparing detailed design, construction, and funding plans, with further updates to be announced.