A five-star luxury hotel and apartment development situated on The Strand in London and designed by Lord Norman Foster’s architecture firm, has gone into receivership after construction stalled last year, The Times reported this week.
A five-star luxury hotel and apartment development situated on The Strand in London and designed by Lord Norman Foster’s architecture firm, has gone into receivership after construction stalled last year, The Times reported this week.
Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second biggest bank, has appointed PricewaterhouseCoopers as receivers of the never-named hotel, the paper said. The half-finished complex is on the site of the former Marconi Building on The Strand in London’s West End.
The Foster Partners-designed hotel is owned by Urvasco, a subsidiary of Grupo Hotelero Uravasco, a Spanish hotel group. PwC said that Urvasco was formed to develop the site of the hotel which was to be managed under the Silken hotel brand.
Urvasco secured a £83.7 mln (EUR 97 mln) debt facility from BBVA when it bought the site in 2005 to cover the purchase and conversion.
