Aprirose lands Heathrow hotel for €35m

Real estate investor Aprirose has acquired Leonardo Hotel near Heathrow Airport for £25.5 mln (€35 mln).

The vendor was Standard Life Assurance.

The 12,000 m2, four-star hotel is situated just north of Heathrow Airport and has transport links to Central London. Aprirose acquired the property on a lease term of 25 years.

Manish Gudka, CEO of UK-based Aprirose, said: 'Heathrow's status as an international airport means there is high demand for high standard hotel space for international business travellers in the area and the Leonardo Hotel fits with our strategy of buying quality assets in key locations.'

The hotel, which services Heathrow and is currently the subject of a multimillion-pound refurbishment, has 230 rooms over four floors.

Originally built in 2000, its facilities include a restaurant and bar, secured underground parking, a fitness area and two spa treatment rooms. The hotel was also developed with a conference space comprising of 11 meeting rooms, with a total capacity for 130 people.

Brien Giuntini, director at CBRE Hotels, adviser to Standard Life, added: 'We were very comfortable recommending Aprirose as the preferred buyer to our client because of their reputation in the market as a proven and established purchaser of hotel real estate as demonstrated by their large portfolio.'

Leonardo Hotels is the European Division of Fattal Hotels.