Every week we will be delving into the world of Hotel Property thanks to our friends The Hotel Property Team (THPT). We will be covering 5 recent deals that has taken place over the last 7 days with insights from THPT Managing Partner, Dev Anand.
Singaporeans Win Crowne Plaza London Kensington
A Singaporean consortium has paid £84.3m for the Crowne Plaza London Kensington. The 163 room property delivered gross revenues of £11.8m in 2018, reports the Business Times of Singapore.
Heeton Holdings, KSH Holdings and Ho Lee Group joined in the 60/20/20 consortium purchase. Heeton now has interests in 12 properties, of which eight are in the UK, including an Accor Ibis Styles in Kensington, an IHG HI Express in Manchester, other budget hotels and hotels in Japan and Thailand.
THPT Comment – The hotel has been for sale for a while now, and was price-guided at around £100m. A healthy yield and not a bad price per key.
Second Nobu Hotel to Open in London
The Radisson Blu hotel in London’s Portman Square is to re-brand as a Nobu. Landlord London & Regional Hotels will refurbish the property for a spring 2020 opening.
The hotel will have 239 bedrooms and suites, reduced from its current 272, as well as a Nobu restaurant, ballroom and meeting facilities. David Collins Studio and Make Architects are overseeing the project.
Nobu Hotel London Portman Square is owned by London + Regional Hotels and is their third collaboration with Nobu Hospitality including Nobu Hotel Ibiza Bay and Nobu Restaurant Monte Carlo.
THPT Comment – I don’t know the Portman to become a Nobu, The Cumberland to be a Hard Rock, what next – Grosvenor House to be a One & Only?
Aprirose Buys Dalston Site for Locke Aparthotel
Real estate investment and hotel company Aprirose has secured planning permission to for the £40 million new-build 121-key property, its first serviced apartment project.
Kingsland Locke will feature studio and one-bedroom apartments over five floors, a gym, restaurant, cocktail bar and a co-working space for 152 guests.
SACO has an ambitious roll out plan for the Locke brand. Additional sites have been acquired in Cambridge, Dublin, Paris and Berlin and are due to open between 2018 and 2020.
THPT Comment – Interesting move into aparthotels for Aprirose…sounds like more to follow
Regal Opts for a Hotel at London’s Commercial Road
Regal London has successfully switched strategy for its Commercial Road development, opting to bring the site forward for a hotel development leased to serviced apart-hotel provider Staycity.
It will be operated by Staycity, through its Wilde brand, and will be the second Wilde hotel in London, following its debut on the Strand in March 2018. A long-term lease of the property has been agreed between Regal London and Staycity.
Simon De Friend, joint chief executive of Regal London, said: “Wilde is the latest chapter in Whitechapel’s transformation, and as Regal London’s first purely leisure project it signals a milestone in the company’s strategy to pursue more hotel-led developments in the capital.”
THPT Comment – There’s no stopping Staycity…very exciting. They currently have 3,000 keys across 10 cities with lots more in the pipeline (7,000 in total) including 248 keys in London’s Paddington Basin to come online in 2021.
Bowling Green Asset Management Acquires Hilton Milton Keynes Hotel
The purpose built hotel features conference and function rooms, with the largest holding 300 guests, a bar and lounge, 120 cover restaurant and leisure facilities including a gym.
Jamie Levy, director at BGAM, said: “BGAM are delighted to confirm the purchase of our fifth hotel, the MK Hotel, Milton Keynes. We see a lot of growth potential in the hotel and area as a whole and the hotel will benefit immediately from re-branding and major rolling refurbishment programme.”
The hotel is the third to be acquired by BGAM in the last 12 months and now sits alongside four sister properties: Holiday Inn, Kenilworth; Holiday Inn, Stonehenge; Holiday Inn Express, Kenilworth; and Tankersley Manor, near Sheffield, South Yorkshire.
THPT Comment – Confusing…there appears to be two MK Hotels, this one and the MK at Deanshanger 11 miles away! Either way soon to be resolved as BGAM are working on a new brand for their five hotels. Milton Keynes and the area is HOT right now!
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between them, they provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
Sign up for their weekly newsletter by clicking here…
All images provided by – www.thpt.co.uk
Main image – richardharriscoaching.com