PPHE JV: International hospitality real estate group PPHE has entered into a joint venture agreement with Largo 542 West 29th Street Partners, an affiliate of New York based real estate development and investment firm Largo, to acquire three New York City properties. The aggregated consideration for the acquisition of the Property was US$42 million plus associated acquisition costs. The joint venture intends to develop a mixed-use scheme consisting of a 98-room art’otel branded hotel with extensive public areas and 55 residential condominium units. PPHE and Largo each hold a 50% interest in the joint venture and, once the hotel is operational, PPHE will manage it under a management contract.
Lemon Tree picks up Keys: Lemon Tree Hotels signed a non-binding term sheet with Mauritius-incorporated Berggruen Hotels and Berggruen Investments (which builds and operates hotels under the Keys brand) to acquire a 100% stake in Keys Hotels in India. Lemon Tree shares spiked on news of the deal, but could not hold on to gains for long. Los Angeles-based venture capital firm Berggruen Holding is the owner of Berggruen Hotels which was formed in 2006 to own and operate the Keys Hotels brand. According to reporting from The Economic Times, Vikas Chadha, executive director and chief financial officer at Berggruen recently resigned from the company. Sources said he is pursuing a senior opportunity outside the group.
21c in St. Louis: 21c Museum Hotels will manage a restored YMCA building in downtown St. Louis, Missouri. 21c Museum Hotel St. Louis, expected to open in late 2020, will be a combination boutique hotel, contemporary art museum and independently branded, chef-driven restaurant. Upon completion, the property will be the company’s eleventh, with approximately 200 guest rooms and suites.