£1 billion acquisition of Grange Hotels completed by Queensgate Investments
The acquisition of the Grange St Paul’s, Grange Tower Bridge, Grange City, and Grange Holborn for circa £1 billion has been completed by Queensgate Investments. The combined assets within the portfolio comprises 1,345 London rooms in prime city and central locations within just under 1 million square feet of real estate.
The hotels offer a wide range of amenities including significant awards, meetings and conference spaces, spa and leisure space including swimming pools.
The portfolio was sold by Grange Hotels, one of London’s largest privately held hotel groups which, following the transaction, will own and operate thirteen hotels, most being in central London.
Queensgate has an agreement with Fattal Hotel Group, a £1.7 billion hospitality company with 200 hotels across 18 countries, to manage the assets.
Fattal Group will implement rolling refurbishments of all assets and will pursue a repositioning strategy to drive superior performance and growth, increasing its London portfolio to a total of seven hotels and 2,000 rooms.
Jason Kow, Chief Executive of Queensgate Investments said of the acquisition: “Queensgate is proud to have completed this milestone acquisition which represents circa 1 million square feet of high-quality Central London hotels and delivers superior cash on cash returns for our investors.”
David Fattal, Chief Executive of Fattal Hotel Group was delighted saying: “The Fattal Hotel Group is very happy to become active in central London, with the operation of four significant and highly regarded hotels.
“The four hotels will undergo an extensive renovation plan and will be flagged by our Leonardo Royal and NYX brands. We thank Queensgate for their trust and partnership.”
A spokesperson for Grange Hotels commented: “We are delighted with the outcome of the transaction. We acquired, developed and constructed the portfolio over a period of twenty years.
“The four hotels give the purchaser immediate scale in excellent locations, in one of the most highly sought after and dynamic markets in the world.”
