RBS Real Estate Asset Management has sold the five-star Grand Jersey Hotel & Spa property to hotel specialist Hand Picked Hotels for about £15 mln (€20 mln).
RBS Real Estate Asset Management has sold the five-star Grand Jersey Hotel & Spa property to hotel specialist Hand Picked Hotels for about £15 mln (€20 mln).
Financial details were not disclosed.
The acquisition is part of a strategic expansion by Hand Picked Hotels, created by former lawyer turned hotelier Julia Hands, to boost the Hand Picked presence to three hotels in the Channel Islands – with L’Horizon Hotel & Spa at St Brelade’s Bay, and St Pierre Park & Golf Resort in Guernsey.
Grand Jersey Hotel & Spa will be operated and managed by Hand Picked Hotels and will become its 21st asset, with a full rebranding taking place in 2015.
Grand Jersey has 123 bedrooms, including six suites, a wide selection of dining options, as well as the Park Suites – a dedicated business centre with private cinema, meeting rooms and flexible events space.
Following the disposal, RBS continues to own a portfolio of hotels across the UK, including 32 owned, leased and managed hotels within Jupiter Hotels, a 50-50 hotel investment joint venture with Patron Capital.
For Hand Picked Hotels, the acquisition is the fourth in the past three years. Julia Hands, who formed Hand Picked Hotels in 2001 from a collection of hotels purchased with her husband, financier Guy Hands, said: 'We have seen the potential for increased corporate and conference business across the Channel Islands, with strong demand from clients in London and other feeder cities throughout the UK.'
RBS was advised by Savills.