Admiral founders add Portman hotel to property empire

12 December 2006 by
Admiral founders add Portman hotel to property empire

The founders of pub group Admiral Taverns have added London's Portman hotel to their growing property empire.

Through Gloucester Capital, which was created for the transaction, the Landesberg and Rosenberg families have swooped for the four-star, 272-bedroom property in the West End.

It is believed the deal is worth around £80m.

The property tycoons, whom set up leased and tenanted pub company Admiral Taverns in 2003 with Galliard Homes, have been increasingly active in the hotel market in the past two years.

Recent acquisitions include 10 Queens Moat Houses, the St James Club in Mayfair and 24 hotels from Corus Hotels, the majority of which are leased and/or managed by Folio Hotels.

The Admiral Taverns estate has swelled to nearly 2,000 pubs after a deal with Greene King for 155 pubs last month.

Radisson SAS will continue to operate the Portman Hotel and it is anticipated that an extensive refurbishment will be carried out.

Folio adds 19 more hotels to its collection >>

Admiral Taverns buys Greene King pubs to take estate to near 2,000 >>

Admiral does biggest deal to date >>

By Catherine Bennion-Pedley

E-mail your comments to Catherine Bennion-Pedley here.

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