Unlocking Capital
Greg Hegarty, co-chief executive of PPHE, said the company was “pleased to exit this long-standing development site near Hudson Yards in New York.” He added that the disposal allows PPHE to release capital for reinvestment into its core geographic regions, reflecting a recalibration rather than a retreat.
Before listing the property, PPHE enhanced its value by leveling the plot and acquiring additional air rights, which permit developers to construct taller buildings or add extra floor space beyond standard zoning limits.
The freehold sale is not subject to due diligence conditions and is expected to close in the coming months.
Financial Realignment
Based in Guernsey in the Channel Islands, PPHE plans to use $8.3 million of the sale proceeds to repay debt, allocating the remaining funds in line with its capital allocation strategy.
As of December 2024, the company held a portfolio of freehold and long-leasehold European assets valued at £2.2 billion. Its holdings include Park Plaza hotels and resorts across Europe, the Middle East and Africa, as well as the Arena Hotels and art’otel brands.
In December, PPHE completed an £88 million ($119 million) five-year refinancing of Park Plaza Victoria London, further strengthening its balance sheet.
Looking ahead, the hotelier expects total revenue between £458.4 million and £469 million for the 2025 financial year, signaling confidence in its European-focused strategy even as it closes the chapter on its Manhattan ambitions.
