Queensgate Investments completed the acquisition of four Grange City properties. The firm acquired properties on a budget of 1.17 billion euros. The purchased properties are Grange St Paul’s EC4, Grange Tower Bridge E1, Grange City EC3 and Grange Holborn WC1.

The portfolio is approximately 930.000 m². Luxury hotel facilities include an important meeting and conference area, as well as high-quality spa and leisure facilities, including swimming pools.

Following the portfolio transaction, firm will have 13 hotels on being in the center of London. The hotels were sold by Grange Hotels, London’s largest hotel group.

Queensgate signed an agreement to manage assets with the Fattal Hotel Group. The Fattal Hotel Group is a 2 billion euro hospitality company with 200 hotels in 18 countries around the world. Queensgate provided a fully secured borrowing facility for the transaction from Societe Generale, The Carlyle Group and Cheyne Capital.

Jason Kow, Chief Executive of Queensgate Investments said: “Queensgate is proud to have completed this milestone acquisition which represents circa 1M ft² 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.”

Source: europe-re.com

Sevdenur Demir / sevdenurdemir@realestatecoulisse.com