Private equity firm JER is selling its 50% stake in the Andaz Liverpool Street hotel in London, formerly the Great Eastern Hotel, to Global Hyatt Corporation. A company spokesperson would not disclose the purchase price, but market reports suggest the deal values the hotel at about £185 mln. In March 2006, JER teamed up with Hyatt to acquire the 267-room luxury hotel from Conran Holdings and the Blackstone Group for £150 mln (EUR 208 mln). Since then, the joint venture has invested some £4.8 mln in the hotel's refurbishment.

Private equity firm JER is selling its 50% stake in the Andaz Liverpool Street hotel in London, formerly the Great Eastern Hotel, to Global Hyatt Corporation. A company spokesperson would not disclose the purchase price, but market reports suggest the deal values the hotel at about £185 mln. In March 2006, JER teamed up with Hyatt to acquire the 267-room luxury hotel from Conran Holdings and the Blackstone Group for £150 mln (EUR 208 mln). Since then, the joint venture has invested some £4.8 mln in the hotel's refurbishment.

Located in the City of London, the historic hotel is adjacent to Liverpool Street Station. Originally opened in two phases in 1884 and 1901, the stunning Victorian hotel was fully renovated and reopened in February 2000. The hotel boasts five restaurants, four bars and 12 private dining and event rooms.

The transaction was carried out by JER's Europe Fund III and marks the fund's first property sale.

JER Partners is the private equity investment arm of the J.E. Robert Companies, a US real estate investment management firm active in North America, Europe and recently the emerging markets. In June 2007, JER closed its third European fund, JER Europe Fund III, with EUR 809 mln of equity. JER Europe Fund III has invested in the UK, Germany, France, Italy, Spain, Switzerland, Belgium and Turkey. In October, JER bought Morethanhotels, manager and owner of a total 11 Express and Holiday Inn hotels, for around £115 mln.