London Crowne Plaza hotel bought for £85m

15 July 2008
London Crowne Plaza hotel bought for £85m

The Crowne Plaza hotel at Blackfriars in London is said to have been bought for the second time this year for £85m, according to The Times.

The 203-room hotel, which is managed by InterContinental Hotels Group (IHG), has been acquired by Marg Galadari, a wealthy businessman from Dubai, for around £85m.

Six months ago it was purchased by the Statuto Group of Italy for £81m. The Italian property company has not specified why it was in a hurry to sell.

According to The Times, Galadari, who recently sold his stake in one of the United Arab Emirates conglomerates the Galadari Brothers, intends to be a long-term owner.

The Statuto group had been recently believed to be expanding across Britain, and move into the USA and Asia, having strengthened its Italian portfolio with the Four Seasons in Milan and Venice's Hotel Danieli.

InterContinental considers headquarter move >>

IHG reveals design plans for first green hotel >>

Crowne Plaza dispute goes to High Court >>

By Gemma Sharkey

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