PPHE Hotel Group (LSE:PPH), the international hospitality real estate group that develops, owns and operates hotels and resorts, has completed the sale of its development site in Manhattan, New York.
The deal follows an announcement on 18 February and closes a process that offloads a freehold site the Group no longer plans to build out itself.
PPHE sold the site to a US real estate developer for $33.5m. And, is using the proceeds to repay $6.75m of associated debt.
The remaining balance will be deployed under the Group's capital allocation strategy.
PPHE's portfolio, valued at £2.2bn as at December 2025 by Savills and Zagreb nekretnine (ZANE), is concentrated in prime freehold and long leasehold assets across Europe, with the Manhattan site standing as an outlier US holding now removed from the balance sheet.
News Intelligence what this means for the company
PPHE completed a $33.5m sale of its Manhattan development site, using $6.75m of proceeds to repay associated debt and retaining the remainder for reinvestment. The deal closes a process announced in February and removes the Group's only US holding, which stood as an outlier to its Europe-focused portfolio valued at £2.2bn as of December 2025.
The sale generates modest liquidity ($26.75m after debt repayment) against a £2.2bn portfolio base—roughly 1% of portfolio value—and simplifies the geographic footprint by eliminating a non-core US asset. The capital freed does not materially alter the Group's position amid an ongoing strategic review where a second interested party submitted an indicative proposal on 31 May 2026, still at an early stage.
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