Tue, 03 Apr 2012 | COMMERCIAL PROPERTY
One of the co-founders of the Splendid Hotel Group has personally bought the site of the proposed Hilton Southwark Hotel.
Shiraz Boghani is thought to be paying around £150 million for the site, which he agreed to purchase in February. The sale was managed by CBRE Hotels EMEA.
The Hilton development was put up for sale in September, as was the InterContinental London Westminster hotel. The sales follow a legal spat between Mr Boghani and the former Splendid co-owner Bashir Nathoo, which has since been settled in court. Splendid itself, however, has since been devolved.
Work has already begun on the Hilton Southwark site, to develop the prestigious 281-room five-star hotel. A large ballroom and health and leisure club will also form part of the building.
Paul Bartrop of CBRE Hotels EMEA commented: “Everybody associated with the hospitality industry knows how robust the London hotel market has been over recent years.
“The sale of this important site illustrates the heat that exists in the market for new development opportunities and the demand over supply that we are seeing for substantial hotel sites in high profile, central locations.”
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