INDUSTRY NEWS

PPHE Hotel Group purchases Westminster London office block for £23.5m

A major hotel firm has purchased a London office block in Westminster for £23.5 million.

The PPHE Hotel Group, operating under the brand name Park Plaza across Europe, has purchased Hercules House from Hercules Limited.

Currently a ten floor office building, Hercules House offers 133,203 sq ft of prime London office space and is leased out as government offices to the Department of Communities and Local Government as well as being home to Natural England. However, their rental period for the building is due to end in September.

The building is located to a number of the company’s other hotels including  Park Plaza Riverbank, Park Plaza Westminster Bridge and Park Plaza County Hall.

The firm has said it has a number of potential ideas in mind for the property, with it undecided on whether to carry on allowing the building to be used as offices or possibly looking to develop a new hotel either on part of the site, or possibly even the whole site.

President and CEO of PPHE Hotels, Boris Ivesha, said: “We are most pleased with the last acquisition in central London and the unique opportunity it grants the Red Sea group.

“In recent years, the group business investments in London have marked significant successes, and the current acquisition is an excellent contribution to our property portfolio in the UK.”

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.