Queensgate Investments Acquires Four Grange Hotels for GBP 1B (US 1.3B)
March 15, 2019 1:15pm
[London: 15 March 2019]: Queensgate Investments has completed the acquisition of the Grange St Paul’s EC4, Grange Tower Bridge E1, Grange City EC3, and Grange Holborn WC1 for circa GBP 1 billion.
The portfolio comprises 1,345 Central London rooms, around 930,000 square feet of real estate. The four upscale hotels have significant meeting and conference space as well as boasting high quality spa and leisure facilities 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 13 hotels, primarily in Central London.
Queensgate has an agreement with Fattal Hotel Group, a EUR 2 billion hospitality company with 200 hotels across 18 countries, to run 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.
Queensgate secured a fully underwritten debt facility from Société Générale, The Carlyle Group and Cheyne Capital for the transaction.
Jason Kow, Chief Executive of Queensgate Investments said: “Queensgate is proud to have completed this milestone acquisition which represents circa 1M sqft of high-quality Central London hotels and delivers superior cash on cash returns for our investors.”
David Fattal, Chief Executive of Fattal Hotel Group said: “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 spokesman for Grange Hotels said: “We are delighted with the outcome of the transaction. We acquired, developed and constructed the portfolio over a period of 20 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.”
Brown Rudnick and EY advised Queensgate.
HFF Securities acted as exclusive financial adviser to Grange.
Tags: queensgate investments,
grange st paul’s ec4,
grange tower bridge e1,
grange city ec3,
grange holborn wc1,
Queensgate Investments LLP (“Queensgate”) advises and manages around GBP 3B worth of assets through the suite of Queensgate Investments Funds.
Queensgate is a partnership between the Kow Family, Alvarium Investments (formerly known as LJ Partnership), Peterson Group and Dilmun.
Queensgate differentiates itself by its flexible, nimble and non-institutional approach to producing superior risk adjusted returns.
Contact: Tom Batchelar / Gordon Cole-Schmidt
email@example.com or firstname.lastname@example.org /
+44 (0)20 7630 1411
Grange Hotels, one of London’s largest privately-held hotel groups, was founded in 1980. The Company’s business is owning, operating and developing hotels.
Through successful trading and selective acquisitions, the Company grew the hotel portfolio to seventeen strategically-located upscale hotels, mainly in Central London. In addition, Grange has several development sites in prime London locations.
Contact: Raj Somchand
+44 (0) 20 7509 6700
Memories Group Takes Stake in Strand Hotel
Avison Young Closes 260 Million YTD 2019
146-Room, Limited-Service, Quality Inn Hotel Will Be Auctioned on RealINSIGHT Marketplace
Gayle Benson, Partners Buy New Orleans' Hyatt Regency; 1st Local Owners of Landmark Hotel
Wexford Lodging Advisors & Trinity Private Equity Group Complete JV Acquisition of 138-Suite DoubleTree Suites Hotel Nashville Airport
AVR Realty Affiliate Acquires AC Hotel San Jose for $95.4 Million
Twin River Completes Dover Downs Acquisition and NYSE Listing
Park Hotels & Resorts Inc. Completes Sale of the Hilton Nuremberg for $17.5 Million
Helix Hospitality Acquires Hampton Inn by Hilton - Wausau, Wisconsin
Paramount Lodging Advisors Arranges the Sale of the DoubleTree by Hilton – Pruneyard Plaza Hotel in Campbell/San Jose California
Apple Hospitality REIT Acquires Home2 Suites by Hilton Orlando Airport for $20.7 Million or $162K per Key
Cambridge Landmark Acquires Former Sheraton Downtown Philadelphia From The Blackstone Group
Shiji Group Acquires Majority Ownership of Hisense Intelligent Commercial Systems
Fornova Acquires HotelsBI to Provide Full Suite of Business and Distribution Intelligence Solutions for Hotels Worldwide
Avison Young Hospitality Group Recent Closing
Ashford Trust Completes Acquisition of the Hilton Santa Cruz/Scotts Valley for $50 Million
Ashford Hospitality Trust Selects Remington Hotels to Manage 178-Room Hilton Santa Cruz/Scotts Valley
Liaison Washington Capitol Hill Acquired by Metrovest Equities and BLDG Management With YOTEL to Take Over Management
Oxygen Hospitality Acquires Wyndham Garden Phoenix Midtown; Renovation Planned
Best Western® Hotels & Resorts Acquires WorldHotels
Please login or register to post a comment.