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The proposed sale and leaseback of Park Plaza Waterloo, the largest London hotel opening in 2017, is impressive testimony to the success of the PPHE business model. Its endorsement as developer and asset owner is evident not only in an effective c 100% return in just four years but in its reinforcement of 2016 market valuations of other key assets. Moreover, a long-term lease on attractive terms (low yield of 3.5%) retains interest in this positive complement to its unmatched South Bank presence (c 2,500 rooms). While our forecasts are unchanged, we highlight the release of c £80m for reinvestment and an additional c 300p/share (£126m), of which c 85p realised, to the company’s latest ‘fair value’ adjustment of c 1,000p/share to the end December 2016 NAV of 782p/share.

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