PPHE hotel group investors consider stake sale
The biggest shareholders in hotel chain PPHE have said they are in talks over options for the business, including selling stakes.
The company, which runs Park Plaza hotels in Europe, saw shares jump as a result.
It followed reports from Bloomberg that the process could lead to the business being taken private.
Founder Eli Papouchado and PPHE president Boris Ivesha confirmed they are planning “to hold a small handful of meetings with financial investors” over potential options for the business.
The shareholders, who own around 44% of the business, said options include investors “contributing growth capital to PPHE” and the “potential partial monetisation of their stakes”.
In a statement, they added: “The shareholders are not in discussions with any parties and are not in receipt of any offer for their collective stake in PPHE.
“There can be no certainty that any such offer will be made.”
Israeli hotelier Mr Papouchado’s family trust owns around 33% of the company.
The company, which has a property estate valued at £2.2 billion at the end of last year, also runs sites under the Art’otel brand, including London locations in Battersea Power Station and Hoxton.