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Park Plaza hotels to float on AIM

20 June 2007 by

Hotel operator Park Plaza is planning to float on the Alternative Investment Market in a listing that will value the company at about £270m.

The company runs 24 hotels under the Park Plaza brand, some of which are franchised by Carlson, the US hotel group, and its own art'otel brand in Germany, Hungary and the Benelux countries.

It hopes to raise £100m through the listing, which is planned for the end of next month, according to the Financial Times.

The company said it was raising capital to strengthen its balance sheet, pursue growth opportunities and increase brand awareness.

It plans another four hotels by the end of 2010, taking its total number of rooms to 6,000, while franchise deals are in the pipeline to be signed on another 12 hotels in Ireland, North Africa and the Gulf, adding another 2,210 rooms.

Park Plaza appoints vice-president operations, continental Europe >>

Park Plaza to open two London hotels >>

Carlson Hotels Worldwide adds to portfolio >>

Park Plaza to open two art'otel properties >>

By Daniel Thomas

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