A consortium of Singaporean investors led by Heeton Holdings has acquired the Crowne Plaza hotel in Kensington for £84.3 mln (€97 mln) from Singapore property magnate Koh Wee Meng.
Singapore-listed Heeton Holdings, alongside listed peer KSH Holdings and privately held construction firm Ho Lee Group executed the deal by buying out the shares in UK-incorporated LC London, hitherto controlled by billionaire Koh.
The deal gives Heeton a 60% stake in the property, while KSH and Ho Lee each hold a 20% share.
Situated on Cromwell Road in London's SW7 neighbourhood, the Georgian-era hotel was refurbished in 2015 and features a private landscaped garden, fitness centre and sauna. It has 163 keys in total.
The deal expands Heeton's portfolio to 12 hotels, eight of which are in the UK, with two in Japan and two in Thailand.
Previous to this, Heeton's most recent UK deal was as part of a consortium which purchased the Holiday Inn Express in Manchester in 2016. The real estate investment company, which launched in 1976, turned its focus to hospitality in 2011.
