(Alliance News) - PPHE Hotel Group Ltd on Tuesday said it is in the "advanced stages" of a EUR2.8 million investment programme which will transform its Berlin Mitte property into a art'otel branded hotel.

PPHE said the investment programme will transform the property into an "upper upscale premium lifestyle" hotel.

The hotel and resort operator explained this repositioning will involve a refurbishment of the hotel's public areas and the creation of a spa and wellness area.

The final phase of the repositioning programme will involve a renovation of all 109 bedrooms and suites, bathrooms and corridors, PPHE said. This is expected to be completed by the end of the first quarter of 2024.

Chief Executive Boris Ivesha said: "We are thrilled to be transforming art'otel Berlin Mitte to become our latest new generation art'otel. In the next 12 months, we plan to open exciting new lifestyle art'otel branded properties in Zagreb, Rome and London Hoxton, and we have an appetite to grow the brand further through a number of additional new acquisitions and joint venture partnerships."

Shares in PPHE were up 2.2% at 1,123.90 pence on Tuesday morning in London.

By Heather Rydings, Alliance News senior economics reporter

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