Nomura to spend £170m on London hotels

23 July 2001
Nomura to spend £170m on London hotels
Three of London's top hotels are to benefit from a £170m makeover. Nomura International, the Japanese bank that recently acquired hotel group Le Méridien, plans to give the Grosvenor House, Cumberland and Waldorf hotels a more modern style. The 448-bedroom Grosvenor House will receive an investment of £90m to upgrade its function room and add a further 243 bedrooms and 80 apartments. The 900-bedroom Cumberland gets £70m and the 292-bedroom Waldorf will be refurbished with an investment of £10m. A spokesman for Nomura said that a total of £350m would be invested across the Le Méridien estate over the long term. Nomura bought the international hotel chain last month in a £1.9b deal with the Compass group. Méridien has 4- and 5-star hotels with over 40,000-bedrooms in more than 55 countries.
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