The Arora Group has sold the Sofitel Gatwick North Terminal hotel to asset management company Schroders, which has acquired the 518-bedroom property on behalf of a joint venture between BAE Pension Funds and Immobilien Europa Direkt.
The hotel, which has changed hands for a reported £150m, will continue to be operated by Arora Hotels, with refurbishment plans in place for the property.
Stéphane Obadia, head of investment at Schroder Real Estate Hotels, said: “With some exciting refurbishment works planned for the property, we will be happy to support the hotel in further developing the superior position it has gained in the Gatwick market.”
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