Red Sea Group entered into a conditional agreement to acquire Leno Finance Limited from PPHE Hotel Group Limited (LSE:PPH) for $20 million on January 8, 2013. The consideration will not be payable on completion, but the whole of the consideration will be payable in cash by no later than January 2017. Completion is subject to the fulfillment of various conditions, including the consent of United Overseas Bank by April 8, 2013.

Wendy Baker and George Parker of Hudson Sandler acted as public relation advisors to PPHE Hotel Group Limited.