PPHE Hotel Group says it may develop a hotel on the site of an office property it has acquired near Waterloo Station in London.
PPHE Hotel Group says it may develop a hotel on the site of an office property it has acquired near Waterloo Station in London.
The Guernsey-registered company, formerly known as Park Plaza Hotels, bought the Hercules House from Mapeley Acquisition (Hercules) which is in receivership.
The investment volume came to £23.5 mln (almost €28 mln) in cash.
Located on Hercules Road in London SE1, Hercules House comprises a 12,500 m2 office tower, consisting of basement, ground and nine upper floors. The offices are currently let to the UK Department of Communities and Local Government, but the tenant has given notice to terminate the lease from 28 September 2013.
PPHE is considering a number of possible uses for the property, including continuing the current office use and the possibility of a new hotel being developed on all or part of the site. Hercules House is close to the group's existing hotels, Park Plaza Westminster Bridge, Park Plaza County Hall and Park Plaza Riverbank.
