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PPHE Hotel Group Ltd's Subsidiaries Announces Completion Of Acquisition Of Two Hotels In Berlin

Monday, 1 Jul 2013 10:51am EDT 

PPHE Hotel Group Ltd announced that certain of its subsidiaries have completed the acquisition of the freehold interests in two hotels in Berlin which the group currently leases and manages, namely the art'otel berlin mitte and the art'otel berlin kudamm, together with the associated inventories, for a total consideration of EUR17.5 million (exclusive of VAT of EUR0.31 million on the inventories). As previously announced, on completion the seller paid to the group EUR2.0 million, which will be used for renovation works on the hotels. 

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