Italian real estate investor Gruppo Statuto has acquired a 33.3% minority interest in Crowne Plaza Hotel in the financial district of London from a consortium of investors including InterContinental Hotels Group, the world's largest hotel company by room count, and two Middle Eastern investors through Jones Lang LaSalle Hotels. The investment price comes close to EUR 123 mln.
Italian real estate investor Gruppo Statuto has acquired a 33.3% minority interest in Crowne Plaza Hotel in the financial district of London from a consortium of investors including InterContinental Hotels Group, the world's largest hotel company by room count, and two Middle Eastern investors through Jones Lang LaSalle Hotels. The investment price comes close to EUR 123 mln.
The London hotel provides about 203 rooms and has been sold with a 17-year management agreement, with a renewal option within 5 years of the purchase. InterContinental's net proceeds after debt repayments will be EUR 27 mln, the company said in a statement.
Crowne Plaza hotel was previously known as Blackfriars House and housed the headquarter of the law firm Clifford Chance before it was converted to a hotel in 2003.
Gruppo Statuto is an Italian non-listed company specialized in property developments. It acquired one of the most prestigious buildings in Milan for about EUR 230 mln, as well as a Four Seasons Hotel in Milan last year.