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LONDON - PPHE Hotel Group Limited has completed the acquisition of a development site near The City of London for £17.5 million through a subsidiary of its European Hospitality Fund, the company announced Friday.
The 13,000 square meter mixed-use site, located near the City of London and Tower Bridge, has existing planning permission. The development will feature a select service Radisson RED lifestyle hotel with at least 182 bedrooms, along with a restaurant, bar, gym, and 41,000 square feet of office space.
According to the press release, PPHE expects a total investment of approximately £90 million for the project, including the site acquisition price. The company projects a high single-digit unlevered annual yield at stabilization. The development is scheduled to open in 2029 and will target a BREEAM ’Excellent’ environmental accreditation.
This marks the second property acquired by PPHE’s European Hospitality Fund, following the earlier acquisition and development of the art’otel Rome Piazza Sallustio, which recently opened.
The London site is earmarked to become PPHE’s first select service hotel in London, expanding the company’s portfolio in the capital city.
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