PPHE to sell NYC site as it shelves plans for development
🏠 PPHE Hotel Group plans to sell its New York site for $33.5M (£24.7M) to a US developer. The Manhattan property, bought in 2019, was intended for hotel development, but regulatory changes halted plans. Demolition and air rights acquisitions maximized exit value. The sale will close soon, using proceeds to repay $8.3M (£6.1M) debt. Greg Hegarty, co-CEO, cites strategic capital release for reinvestment in core regions.
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