PPHE Hotel Group received planning consent from Westminster City Council to develop a new hotel within the Park Plaza Victoria London property.
The Group will convert 6,500m2 of predominantly subterranean space to a new 179-guest room hotel with a separate and dedicated entrance. The current 299-key Park Plaza Victoria London hotel will continue to operate standalone in its current form.
Through this forward-thinking approach of converting a subterranean space, the Group will be tapping into a growing segment of the market, which has seen particular traction in London. On completion, the Group will operate a dual-branded hotel consisting of the Upper Upscale Park Plaza Victoria London and a midscale lifestyle product for which the brand is yet to be announced.
Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group said: “This is an exciting new project utilising an existing asset and operations in a sought-after location to maximum effect. Situated in the heart of the city, this 179-room property will further enhance our London portfolio, broaden our accommodation proposition, enabling us to tap into a new guest demographic, whilst maximising returns. The strategy here is consistent with the Group’s longstanding approach to building long-term shareholder value through the measured use of its balance sheet and tactical capital investment.”
More information on London based property trends here.
Image provided by Hudson Sandler.
