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Egyptian construction magnate in line for Stafford hotel?

15 June 2009 by
Egyptian construction magnate in line for Stafford hotel?

The general manager of Mayfair's luxury hotel the Stafford, has confirmed it is currently in talks with a buyer to sell the property for an undisclosed sum.

The hotel, which has been owned by North-west based brewer Daniel Thwaites since 1995, and is part of Shire Hotels, was confirmed as being up for sale two weeks ago. It is said to be on the market for £75m.

RAMW Group, a Cairo construction and tourism company founded by Roushdy El-Sharkawy whose assets include the Hyatt Regency resort and hotel in Sharm el Sheikh, has been linked with the deal.

Stuart Procter, general manager of the hotel, confirmed the potential sale to Caterersearch, but did not name the buyer. However, he did describe the suitor as someone who had known the hotel for a number of years and appreciated its service.

He said: "There has been recent press speculation about the possible sale of the Stafford hotel. As a five-star hotel in a unique location, we've received a number of approaches from buyers over the years.

"More recently we have received an approach from an interested party which has known the hotel for a number of years who appreciated the reputation and excellent service. We're in discussions with this party although to date no sale has been concluded."

Daniel Thwaites paid Trafalgar House construction group £16m for the Stafford in 1994. In 2005, it bought the building next door for £10.5m and spent £12m adding 26 bedrooms.

Egyptian tycoon to buy London's Stafford hotel for £75m >>

London's Stafford hotel for sale >>

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By Gemma Sharkey

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