All change for money converter

A leading British bureau de change has bought its first hotel, the Quality, in Kensington, London.

The International Currency Exchange (ICE) bought the freehold to the building, in Courtfield Gardens, for close to the asking price of £7.5m.

It will continue to run the 72-bedroom property as a hotel.

James Innes, of the London office of agent Christie & Co, who negotiated the sale, said: "Although not an established hotelier, this is seen as the first venture from which ICE intends to expand."

A spokeswoman for the money exchanger denied it had bought the hotel because of a drop in business due to the introduction of the euro.

She said: "We have been looking at buying hotels for some time and we will be buying more eventually."

The hotel, which was in liquidation, also has a 45-seat restaurant, a lounge bar and a function room.

It was sold by Nicholas Miller, of Kingston Smith and Partners, the liquidator acting for Dewrun.

Source: Caterer & Hotelkeeper magazine, 16 - 22 May 2002