4 London Grange will be rebranded
Queensgate Investments completed the sale of four London properties for £ 1 billion. Sold properties were recorded as Grange St Paul’s, Grange Tower Bridge, Grange City and Grange Holborn.
Queensgate Investments allowed borrowing from Société Générale, Carlyle Group and Cheyne Capital Management for borrowing.
All of the properties sold consist of approximately 930,000 square meters. The four luxury hotels offer important meeting and conference areas as well as spa and leisure facilities including swimming pools.
Queensgate has signed an agreement with the hospitality company, Fattal Hotel Group, to operate its assets. Fattal Group is expected to add a total of seven hotels and 2,000 rooms to its portfolio.
“The Fattal Hotel Group is very happy to become active in central London, with the operation of four significant and highly regarded hotels,” said David Fattal, Fattal Hotel Group CEO. “The four hotels will undergo an extensive renovation plan and will be flagged by our Leonardo Royal and NYX brands.”
A spokesman for Grange Hotels said the company was pleased with the deal’s outcome. “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.”