Park Plaza has taken full control of three London hotels - Park Plaza Sherlock Holmes Hotel, Park Plaza Victoria Hotel and Park Plaza Riverbank Hotel - in a deal worth £21m.
The three hotels currently operate under contract with a majority stake owned by Park Plaza and the hotel owner and operator has agreed to buy the remaining stakes from a subsidiary property investor, Elbit Imaging.
A placement of 1m shares on AIM tomorrow will look to raise the £1.5m to complete the deal.
Boris Ivesha, Park Plaza's chief executive officer, said: "We are delighted to announce this transaction which will result in Park Plaza owning 100% of Park Plaza Sherlock Holmes Hotel, Park Plaza Victoria Hotel and Park Plaza Riverbank Hotel.
"These three well established London hotels, which Park Plaza operates
under contract, continue to perform well."
Park Plaza will own 38 hotels internationally, covering nearly 7,000 rooms, as a result of the acquisitions.
By Janie Stamford
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