PPHE Hotel Group Limited (LON:PPH), the international hospitality real estate group which develops, owns and operates hotels and resorts, has successfully completed the sale of its development site located in Manhattan, New York.
The transaction was structured as a sale of the freehold site to a US real estate developer for the purchase price of $33.5m. The sale proceeds were used to repay the associated debt of $6.75m and the balance of funds will be deployed in accordance with the Group’s capital allocation strategy.
