Nomura buys Cumberland
22 March 2001
Compass has sold the 895-bedroom Cumberland hotel overlooking London's Hyde Park for £150m to Nomura's Principal Finance Group, headed by Guy Hands.
The Cumberland will be managed by Principal Hotels, the 17-strong chain bought by Nomura for £255m in January.
Principal is run by executive chairman Juergen Bartels, formerly of Starwood, and managing director Tony Troy. Beverley King will remain general manager of the Cumberland.
The Cumberland formed part of the £3b auction of former Forte hotels being conducted by Compass.
Compass said in a trading statement earlier this week it expected the auction to happen by mid-April.
It also said it hoped to save around £20m this year following its demerger from media group Granada.
