JER and Hyatt acquired the 267 room luxury hotel in London in March 2006 through a 50:50 joint venture.
Since the acquisition, the joint venture has undertaken a £4.8 million (approx. 6.2 mln.) capex programme, including a soft refurbishment of approximately half the hotel's rooms and the hotel lobby. Further improvements on daily room rates and occupancy have been achieved through Hyatt's professional hotel management.
Malcolm Le May, President, JER Europe commented: "We are delighted with our investment in the Great Eastern Hotel. It has particularly benefited from the cyclical RevPAR growth in the London hotel market and Hyatt's excellent revenue management of the hotel."
This sale is the first from JER Europe Fund III.
Source: HeadLand Consultancy