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The PPHE Hotel Group has obtained planning permission and funding to redevelop a site in Waterloo, London, into a 438 room hotel.
The hotel company bought the site, known as Hercules House, 12 months ago and has now received planning permission to redevelop the site.
The planning permission is for a hotel of 438 which may, subject to further planning approval, be extended to 490 rooms. Additional facilities of the hotel will include a swimming pool, spa, restaurant and bar.
PPHE Hotel Group, who own the Park Plaza Hotel & Resort brand, received funding of up to £80m from Banque Hapoalim in Luxembourg to fund the redevelopment, expected to be completed in September 2016.
Hercules House is owned by PPHE’s wholly –owned subsidiary, Hercules House Holding B.V. The finances from Banque Hapoalim will be used to refinance the outstanding bank debts as a result of the acquisition on April 23, 2013.
The finance will also fund the demolition, clearance operations and other construction and infrastructure work of the development of the Hotel.
Hercules also entered into a building contract with WW Gear Construction Limited (Gear) for the design and construction of the hotel on a ‘turn-key’ basis. The contract price is £63.47m for 438 rooms or, alternatively, £70.48m if the hotel is extended to 490 rooms.
