PPHE Hotel Group secures €204m for London hotel scheme

PPHE Hotel Group has entered into a syndicated facility agreement arranged by Bank Hapoalim for a facility of up to €204 million ($222 million) to fund the development of art'otel London Hoxton on a site located by Old Street, Rivington Street, Great Eastern Street and Bath Place, London EC1.

The total aggregate project costs remaining for completion of the hotel are approximately €226.8 million ($247 million).

Boris Ivesha, president & CEO, PPHE said: “We are pleased to have secured funding to develop art’otel london hoxton with Bank Hapoalim B.M., which has been a long-standing partner of the Group funding several of our other key properties, including Park Plaza Westminster Bridge London which opened in 2010. The development, which is in one of London’s most exciting neighbourhoods, will include a new 27-story building to accommodate 343 hotel rooms and suites, five floors of office space, a gym, swimming pool and wellness facilities and a