Mon, 15 Nov 2010 | BUSINESS SALE
A series of deals worth more than £1.5 billion are reported to be ready to close, leading to a strong future outlook for London's hotel sector.
One of the deals, which could be closed this week, is the Singapore's Kop Group's £70 million acquisition of the former Willis insurance headquarters in the City. The group is rumoured to be planning a redevelopment of the existing building into a luxury hotel.
US investor Westmont Hospitality is said to be the frontrunner in the bidding war to purchase the Eton Group's chain of five boutique hotels for around £60 million, which include the Threadneedles Hotel in London.
The Eton Group, which has three hotels in London, one in Leeds and one in Edinburgh, used to be part of the JJW Luxury Collection, but, following its administration in September, it was put up for sale by CBRE Hotels.
Another hotel said to be close to selling is the Grosvenor House on Park Lane in central London. An Indian company, Sahara India Pariwar, owned by billionaire Subrata Roy, is reportedly 'in advanced talks' to buy the commercial property for £470 million.
The owner of Harrods, Qatar Holdings, is also rumoured to be considering a £1 billion bid for Maybourne Group, the hotel operator which owns the Connaught, Claridges's and Berkeley hotels in London.
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