The Crowne Plaza London The City Hotel in the City of London has been sold to Gruppo Statuto, an Italian Property development company, for approx. €115 million (over £80 mln). The 203-room hotel in New Bridge Street was sold by a consortium of investors including InterContinental Hotels Group and two Middle Eastern investors through Jones Lang LaSalle Hotels. InterContinental Hotels Group will retain the management of the hotel on a long term management contract under the Crowne Plaza brand.
Robert Seabrook, Executive Vice President, Jones Lang LaSalle Hotels, said: "The price reflects around £400,000 (approx. €567,000) per room which demonstrates the insatiable appetite for hotel real estate which has been a pattern throughout 2006."
The Crowne Plaza London The City was formerly known as Blackfriars House and was HQ to law firm Clifford Chance before its conversion to a hotel in 2003. The English Heritage Grade II listed building is a prominent landmark in the City and provides first-class contemporary accommodation in the heart of London's financial district.
About InterContinental Hotels Group
With more than 3,500 owned, leased, managed and franchised hotels and over 535,000 guestrooms across nearly 100 countries and territories, InterContintental Hotels Group is the world's most global hotel business and the largest hotel group in the world
About Gruppo Statuto
Gruppo Statuto is one of Italy's largest non-listed companies in the real estate sector specialising in property development. Last year it acquired the Four Seasons Hotel Milan and, the year before, the legendary Hotel Danieli and is currently increasing the amount hotel assets within its property portfolio.
Source: Jones Lang LaSalle