The 29-bedroom Royal Crescent hotel in Bath – one of the trophy assets in the collapsed Von Essen portfolio of hotels – has been sold for a rumoured £18m to private international investment company the Topland Group.
The Grade I-listed hotel was originally put on the market for £22m after Von Essen went into administration with debts of nearly £300m in April 2011.
Topland will be appointing Vision Asset Management to manage the operations of the hotel on its behalf.
Group chairman Sol Zakay commented: “We are delighted to include this truly exceptional luxury hotel in our ever-expanding hotel portfolio. Once again Topland has utilised its war chest to ‘purchase for cash’ and will continue to do so in order to expand its portfolio in the coming months.”
Located in the heart of the Royal Crescent – one of the most widely recognised architectural landmarks in Bath – the hotel came close to being purchased by Ian and Richard Livingstone, the billionaire property developer brothers whose London & Regional bought another Von Essen trophy hotel, Cliveden, to add to Chewton Glen.
There are now just four hotels – Sharrow Bay, Seaham Hall, Ston Easton Park and Congham Hall – remaining to be sold from the original portfolio of 27 Von Essen hotels.
Topland’s hotel portfolio includes the 319-bedroom Hilton Glasgow, which it bought in September 2011 for £35.7m.
By Janet Harmer
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