European operator has appointed Rothschild & Co as its financial adviser for the strategic review and sale process.
AMSTERDAM - PPHE Hotel Group on Friday launched a strategic
review and formal sale process that could result in the acquisition of the
company. With hotels operating under Park Plaza hotel in Europe under license
from the Radisson Hotel Group, the portfolio was valued at £2.2 billion at the
end of last year.
PPHE also owns the art'otel brand. Its Croatian subsidiary
Arena Hospitality Group is listed on the Zagreb Stock Exchange and owns and
operates the Arena Hotels & Apartments and Arena Campsite brands.
PPHE has appointed Rothschild & Co as its financial
adviser for the strategic review and sale process.
The review will “consider a range of potential options to
maximize value for all shareholders.” These options could include selling some
or all of the company or introducing new growth capital into the company or its
hotel portfolio.
As part of the review, the company plans to run a formal
sale process where it will invite expressions of interest from a “targeted”
group of potential buyers. PPHE said it will focus on parties that “understand
and value the full potential of the company.”
PPHE hadn’t yet received any approaches from potential
acquirers, it said in Friday’s filing. The UK Takeover Panel has agreed that
PPHE can hold discussions with third parties as part of the formal sale process
which won’t be subject to the usual disclosure requirements and bid
deadlines.
PPHE noted that its 44% shareholders, Eli Papouchado and
Boris Ivesha, support the review. In a stock exchange announcement last week,
the pair of investors confirmed “they intend to hold a small handful of
meetings with financial investors in relation to a range of potential options,
from contributing growth capital to PPHE, to a potential partial monetization
of their stakes in PPHE.”
Papouchado and Ivesha said at the time that there were not
in discussions with any parties and not in receipt of any offer.