The 200-bedroom Harrington Hall hotel in London's South Kensington is to be first of a new brand of all-suite lifestyle hotels following its acquisition for an undisclosed sum by a joint venture between an Anglo-Dutch joint venture.
Real estate investment company London Central Portfolio (LCP) and Dutch-based investor ACP are the new owners of the hotel which has been sold off a guide price of £130m by Saudi Arabian company the Olayan Group, which bought the business in 2014 for £90m from Spanish group NH Hotels.
Aimed at the budget-conscious business and leisure traveller, the new brand will launch in spring 2022 following a transformation of the property, which is located across a series of terraced Victorian houses.
LCP will undertake the design, development and operation of the hotel, which is expected to be joined by further acquisitions across prime central London locations.
Naomi Heaton, founder and chief executive of LCP, said: "LCP has always been at the cutting edge in recognising and meeting the changing needs of the global traveller. With APG, we will build an affordable and innovative all-suite hotel brand across central London with a real emphasis on the guest experience. It will showcase the best in British design with a focus on sustainability and green technologies."
Robert-Jan Foortse, head of European property investments at APG, added: "We intend to create a new type of accommodation for the prime central London market which is cutting edge in terms of place-making, whilst also promoting the highest standards in environmental and social responsibility."
APG's holds over €2b (£1.66b) worth of hotel investments, including a stake in CitizenM.