Spanish hotel giant NH Hoteles has made its first move into the UK market with the purchase of the Harrington Hall hotel in London for €72m (£49.6m).
The 240-strong global chain has joined forces with Spanish property group Losan to buy the four-star, 200-bedroom Knightsbridge hotel, which it will operate as NH Harrington Hall. Losan picked up 75% of the price tag and NH funded the remaining 25% with a syndicated bank loan and €1.25m (£861,000) in cash.
Maria Cortina, head of communications at NH, said: "It's a dream for us. We have wanted a hotel in London for years. The hotel's big convention rooms are ideal for the type of business guest we want to attract."
Cortina added that the recently refurbished site, previously owned by hotelier Bakir Cola, won't require much additional investment. But she didn't rule out staffing changes: "It's too early to tell if we will keep all the employees on."
Source: Caterer & Hotelkeeper magazine, 07 April 2005