International hospitality real estate group PPHE has achieved a milestone after receiving approval from Westminster City Council to unveil a novel hotel concept within its Park Plaza Victoria London property.
Strategic conversion for market penetration
PPHE will transform 6,500m² of predominantly subterranean space into a 179-room hotel. The existing 299-key Park Plaza Victoria London hotel will continue to operate independently.
This strategic conversion aligns with the group’s tradition of creating shareholder value through innovative acquisitions and repositioning programmes.
Dual-branded vision unveiled
The group will offer a dual-branded hotel, combining the upscale Park Plaza Victoria London with a “midscale lifestyle product” — details of which are yet to be announced.
This taps into a burgeoning market segment, particularly gaining traction in the dynamic landscape of London’s hospitality sector.
Optimising assets for enhanced returns
By leveraging existing structures and eliminating the need for land acquisition, PPHE anticipates a substantial increase in asset valuation and yield.
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Detailed plans for design, construction and funding are in progress, and further updates are promised as the project unfolds.
Boris Ivesha, president and CEO of PPHE Hotel Group, expressed his enthusiasm, stating: “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 and 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,” Ivesha added.