PPHE Hotel Group Ltd (PPH)

Sector:

Tourism and Leisure Services

Index:

FTSE 250

1,325.00p
   
  • Change Today:
      10.00p
  • 52 Week High: 1,495.00
  • 52 Week Low: 1,130.00
  • Currency: UK Pounds
  • Shares Issued: 41.79m
  • Volume: 24,829
  • Market Cap: £553.71m
  • RiskGrade: 183
  • Beta: 0.56

PPHE Hotel Group inks major refinancing deal

By Josh White

Date: Thursday 05 Sep 2024

LONDON (ShareCast) - (Sharecast News) - PPHE Hotel Group announced a major refinancing agreement with Aareal Bank on Thursday, extending the maturity of its existing loan for its Dutch hotel portfolio and the Holmes Hotel London.
The London-listed firm said the refinancing extended the original loan facility, set to mature in June 2026, to a new maturity date of June 2031.

It said the new facility was divided into two tranches - a €160m tranche for the Dutch hotels and a £16m tranche for the Holmes Hotel in London.

The euro tranche would have an all-in fixed interest rate of 2.765% until June 2026, increasing to 4.49% thereafter until maturity, while the sterling tranche would carry a fixed interest rate of 3.9% until 2026, followed by a competitive floating interest rate.

It compared the new rates to the previous 2.165% for the euro loan and 3.3% for the sterling loan, under the original terms.

The refinancing was backed by financial covenants, based on loan-to-value ratios and debt service requirements.

Independent valuations commissioned by Aareal Bank confirmed the combined market value of the Dutch hotels and Holmes Hotel at €414m, in line with valuations from last December.

The new facility was non-recourse, and secured by existing mortgages over the Dutch properties and Holmes Hotel, providing a strong financial foundation for PPHE as it continued to manage and develop its hotel assets.

"The new facility continues our strong relationship with an existing lender, Aareal Bank," said chief financial officer Daniel Kos.

"It also further confirms the group's attractive and stable asset base in key city-centre locations, enabling the group to secure long term financing at attractive rates, particularly in current market conditions whilst also re-confirming the group's EPRA NRV.

"The company takes a proactive approach to its debt financing and this refinancing takes advantage of the inverted interest curve at the point of original maturity whilst also benefiting from a low margin over a longer period of time."

At 1036 BST, shares in PPHE Hotel Group were down 1.88% at 1,251.06p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PPH Market Data

Currency UK Pounds
Share Price 1,325.00p
Change Today 10.00p
% Change 0.76 %
52 Week High 1,495.00
52 Week Low 1,130.00
Volume 24,829
Shares Issued 41.79m
Market Cap £553.71m
Beta 0.56
RiskGrade 183

PPH Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
57.31% below the market average57.31% below the market average57.31% below the market average57.31% below the market average57.31% below the market average
21.57% below the sector average21.57% below the sector average21.57% below the sector average21.57% below the sector average21.57% below the sector average
Price Trend
30.92% above the market average30.92% above the market average30.92% above the market average30.92% above the market average30.92% above the market average
1.89% above the sector average1.89% above the sector average1.89% above the sector average1.89% above the sector average1.89% above the sector average
Income
10.57% below the market average10.57% below the market average10.57% below the market average10.57% below the market average10.57% below the market average
36.84% above the sector average36.84% above the sector average36.84% above the sector average36.84% above the sector average36.84% above the sector average
Growth
96.20% above the market average96.20% above the market average96.20% above the market average96.20% above the market average96.20% above the market average
95.92% above the sector average95.92% above the sector average95.92% above the sector average95.92% above the sector average95.92% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PPH Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Sep-24 25-Apr-24
Paid 15-Oct-24 31-May-24
Amount 17.00p 20.00p

Trades for 06-Dec-2024

Time Volume / Share Price
16:35 6,089 @ 1,325.00p
16:35 179 @ 1,325.00p
16:35 22 @ 1,325.00p
16:35 116 @ 1,325.00p
16:35 58 @ 1,325.00p

PPH Key Personnel

CFO Daniel Kos

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