Crimson Hotels has bought the Park Inn London at Russell Square out of administration for an undisclosed amount. Christie + Co, a business agent in the hospitality, leisure, care and retail sectors, acted on behalf of Ernst & Young, administrators of W G Mitchell (Guernsey).
Crimson Hotels has bought the Park Inn London at Russell Square out of administration for an undisclosed amount. Christie + Co, a business agent in the hospitality, leisure, care and retail sectors, acted on behalf of Ernst & Young, administrators of W G Mitchell (Guernsey).
Located in the heart of the UK capital, the 214-bedroom hotel features 14 conference and meeting rooms as well as a selection of bars and restaurants. Christie + Co said a significant investment is planned to upgrade the property's facilities.
Crimson Hotels Group, founded in 1995, owns and manages 11 hotels in the UK, Portugal and Dubai. The group operates six properties, including the Crowne Plaza Gatwick-Crawley and the Holiday Inn Woking, in the UK. Crimson is currently building the largest Holiday Inn Express in Europe near London Heathrow Terminal 5.
Jeremy Jones, director at Christie + Co, said: 'We carried out over 50 formal tours of the hotel in just over a month, culminating in a combined £1 bn-worth of funded offers through a multi stage bidding process. What this sale clearly identifies is the huge demand for true central London hotels from well-funded UK, Far East, Middle East and US buyers.'
Dundas & Wilson solicitors acted for the administrators. Travers Smith acted for the purchaser.
