PPHE acquires hotel in the centre of Rome for first entry into the Italian capital

10/05/23

PPHE acquires the historic Londra & Cargill hotel in the centre of Rome.

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, is pleased to announce that the Group, via its wholly owned subsidiary Londra Cargill Parent S.r.l, has completed the acquisition of the 4-star Londra & Cargill Hotel in a prime central location in the city of Rome. The acquisition marks the Group’s entry into the Italian market. Rome is a strategic target for the Group as it is one of southern Europe’s key gateway capital cities that offers robust fundamentals for hotel investment over the medium to long term.

On completion of the transaction, hotel operations will continue whilst the Group finalises its plans to reposition the property to an upper upscale lifestyle hotel. The hotel is expected to be relaunched in early 2023.

The Londra & Cargill Hotel is steeped in history dating back to the early 1900’s and is located in central Rome just minutes from Via Vittorio Veneto, one of Rome’s most elegant and famous streets, a short walk from Piazza di Spagna and the Spanish Steps, Villa Borghese Gardens and Rome’s central station. The hotel currently offers 101 rooms and suites, a restaurant, bar, meeting facilities and private parking.

The transaction has been structured as a share sale of the company which owns the freehold hotel and its operations (the “Target”), from certain members of the De Romanis family, for a purchase price of €34.5 million (approximately £29.7 million) (on a cash free and debt free basis), subject to working capital and other customary price adjustments, which resulted in €33.2 million (approximately £28.6 million) payable by the Group on completion. As at 31 December 2020, the gross assets of the Target were €36.0 million (approximately £31.0 million) and the loss for the year ended 31 December 2020 was €0.5 million (approximately £0.4 million).

The acquisition has been funded from the Group’s excess cash position which will be partly refinanced with external bank debt in due course.

The transaction constitutes a Class 2 transaction for the purposes of the UK Financial Conduct Authority’s Listing Rules, and, as such does not require PPHE shareholders’ approval.

Boris Ivesha, President & CEO of PPHE Hotel Group, comments:

“We are thrilled to acquire this hotel in the centre of Rome, which will mark our entry into the Italian market and adds another key capital city to our growing portfolio of hotels. Our plans to reposition the property to an upper upscale lifestyle hotel will further bolster our development pipeline which already features iconic, premium projects across cities including art’otel london battersea power station and art’otel london hoxton.

“This latest acquisition further supports the Group’s long term growth strategy as it continues to build its presence in new markets.’’

Book Now

Select Date
-
+
-
+

Please make sure you have entered the highlighted fields above correctly.

Best Online Rates Guarantee

Found a lower rate? We’ll match it and give you an additional 25% discount on your stay.

Your reservation must be made on Radissonhotels.com and claim must be validated by our Customer Care team.

The Best Rates Guarantee does not apply to the following rate types:

  • Qualified discount rates available to members of special programs or associations (i.e. AAA, senior, government, loyalty, employee discounts);
  • Special “exclusive offers” or “online coupons” or email solicitations not intended for the general public;
  • Rates not publicly available, such as negotiated Group or Corporate rates; including group extend-the-stay rates;
  • Package rates that include the room and other components such as parking, travel, car rental, entertainment, or meals excluding breakfast;
  • Rates found on opaque, bidding, or auction sites where the hotel brand, the specific hotel, the hotel location or price is not known until booking is finalized. Examples of these types of sites include but are not limited to Priceline and Hotwire;
  • Any other unpublished or private rates or sites requiring login.

Comparison Rates: The Comparison Rate must be found on a website available to be booked by the general public other than Radissonhotels.com within 24 hours of booking your hotel room on Radissonhotels.com and at least 48 hours prior to midnight hotel local time of your arrival date.

The Comparison Rate must be for the same hotel, same reservation date(s), same room type (i.e. room size and amenities), same number of guests, same currency as the Radissonhotels.com confirmation email, and the same advance payment and refund policies and restrictions must apply.

The Comparison Rate must still be available at the time Customer Care validates the claim.

The rates will be compared net of any taxes, gratuities, or any other fees associated with the room rate; however, if the Radissonhotels.com rate has taxes included, we will verify that the total cost of your Comparison Rate is lower so that prices are compared on a relative basis. Rate disparities solely attributable to rounding, fluctuations and/or difference in currency exchange rates are excluded from the Best Rates Guarantee. Claims will be denied when the difference between the Comparison Rate and the rate on Radissonhotels.com is less than 1USD, 1EUR or 1GBP or equivalent in the local currency of the hotel.

When a claim covers a stay for multiple, consecutive nights, the rates will be reviewed based on the average over the entire stay (the total consecutive nights stayed by the same guest or guests in the same hotel, regardless of the number of check-ins or check-outs or separate reservations). Comparison Rates applicable to only a portion of the reservation will not be honored.

If your reservation meets these criteria, let us know by submitting the claim form.

Customer Care will verify the rate meets all of these Best Rates Guarantee terms and conditions and contact you via email. Once confirmed, we will match the lower rate and discount that rate by an additional 25%. For prepaid bookings, the difference will be refunded on the applicable credit card by the hotel. You may only submit one claim for each stay.

If a new reservation confirmation number is provided for the new rate, it must be presented at the hotel at the time of check-in.

The Best Rates Guarantee is void where prohibited by law.

We reserve the right to change or discontinue the Best Rates Guarantee at any time without prior notice. We retain the sole right to determine the validity of any claim, whether a rate qualifies as a Comparison Rate, and whether a claim has satisfied the terms and conditions stated herein. Any dispute arising out of or related to the Best Rates Guarantee shall be handled individually and without any class action and is subject to the terms of the site usage agreement found on Radissonhotels.com. If the Comparison Rate is reserved through any Website other than Radissonhotels.com, we are not responsible for any fees or other costs incurred due to cancellation of a reservation.

With our Best Rates Guarantee you can book on Radissonhotels.com and be confident you are receiving the best hotel room rate available on the web – guaranteed. If you find a lower rate within 24 hours of booking and at least 48 hours prior to your arrival date, submit a claim and we will honor the lower rate and discount that rate by an additional 25%. Book today!

Who do I contact if I see a lower rate on another website?

  1. Within 24 hours of making your reservation on Radissonhotels.com, visit the Contact us section of Radissonhotels.com and select “Online” contact method and “BORG claim” for topic.
  2. A completed claim form must be submitted within 24 hours of the booking and at least 48 hours prior to midnight local time of the hotel arrival date to be eligible.