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.
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.
Source : Company