Queensway and Clearbell Capital have together acquired the Sloane Club in London’s Chelsea from Caledonia Investments for £80.6m.
Real estate firm Queensway will oversee the management and development of the club on behalf of a joint venture between JK Chelsea Holdings, an affiliate of Queensway, and a fund managed by real estate fund management business Clearbell.
The joint venture, ‘Sloane Investment’, intends to retain the existing management of the Sloane Club and to invest significant capital into the club, including supporting the management’s plans to enhance the food and beverage offering and enhance the ground floor areas.
Naushad Jivraj, chief executive of Queensway Group said: “We intend to respect the history and heritage of the club and to maintain the existing service for members as we invest to further enhance and upgrade the facilities over time.”
The Sloane Club is a private members’ club with around 3,700 members with facilities including lounges, casual and formal dining, a bar, meeting rooms, a spa and more than 130 bedrooms. The club was acquired by Caledonia in 1991, and has been run for most of this period by managing director Tony Murkett, who will remain with the club following the sale.
Rob Mills, partner of Clearbell Capital, said: “We are conscious of our responsibilities as custodians of this historic London club and we will be supporting the plans to enhance the offer for members.”
Queensway operates numerous hotels worldwide under brands including Sheraton, Radisson, Crowne Plaza, Holiday Inn and Ramada, as well as the Montagu Place hotel in London Marylebone. The company launched Point A Hotels earlier this year, which has seven hotels in London and Glasgow, with two more in the pipeline.
Savills advised Caledonia on the sale.
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