Thu, 08 Sep 2011 | BUSINESS SALE
Following a dispute between the Splendid Hotel Group's partners, two prime London hotels from the group's portfolio have been put up for sale.
The hotel developments for sale include the unfinished 256-bedroom InterContinental London Westminster, and the development site for the Southwark-based Hilton Bankside, which will have 280 bedrooms on completion.
Offers for the InterContinental are requested to be over £80 million, whilst the Hilton Bankside site has an asking price of over £35 million.
Shiraz Boghani and Bashir Nathoo, the joint owners of the hotel group, have confirmed that potential purchasers will also have to stump up additional funds in order to see each project through to completion.
The InterContinental will comprise a business centre, luxury spa, gym and restaurant upon its completion – which is currently slated for 2012.
Director of CBRE Hotels, Paul Bartrop, who is handling the sale of both of the hotels, told Caterer Search, “This part of London is seeing rapid growth and gentrification. The [InterContinental] site represents a first class opportunity to acquire a high profile hotel development project complete with full planning permission where much of the hard work has already been done.”
Meanwhile, the Hilton Bankside, which is situated close to the Tate Modern, will comprise a health and leisure centre, business centre and large ballroom.
Mr Bartrop said, “There is no doubt that [the Hilton Bankside] will prove to be a valuable and popular addition to London's five star hotel inventory, that it will quickly establish itself on opening and can be expected to perform strongly due to its outstanding location and the high quality of the product.”
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