Hotel developer and operator Union Hanover has acquired a package of 100 serviced apartments from Barratt London as part of plans to grow its portfolio from £350 mln (€426 mln) to £1 bn over the next five years.
Hotel developer and operator Union Hanover has acquired a package of 100 serviced apartments from Barratt London as part of plans to grow its portfolio from £350 mln (€426 mln) to £1 bn over the next five years.
The 100 serviced apartments acquired on a 999-year lease, are located in Barratt's landmark 25-storey tower at the Great West Quarter scheme which also includes 800 homes, retail, restaurants, offices and a Novotel Hotel, on Great West Road, Brentford.
Financial details of the deal were not disclosed.
'The Tower at GWQ was an obvious acquisition for us. It fits well with our growth strategy for the Urban Villa brand in London. GWQ will be the first of six UK Urban Villa All-Suite Hotels that we will deliver in Aberdeen, Edinburgh, London and Portsmouth over the next two years,' commented Eric Jafari, managing director of Union Hanover and Urban Villa co-founder.
JLL Hotels & Hospitality team advised Barratt London on the transaction.
