London's Great Eastern hotel has been sold to Global Hyatt Corporation for an undisclosed sum, it was confirmed yesterday.
After weeks of speculation, the Great Eastern's co-owners Conran Holdings and Blackstone Real Estate advisors revealed they expect the deal to complete in March.
The 267-bedroom hotel will continue operating as the Great Eastern until December this year but will be rebranded as a Hyatt in January 2007.
Conran Holdings is expected to continue its involvement with the restaurant and private dining operations following the sale.
Des Gunewardena, chief executive of Conran Holdings said the Great Eastern had been an "excellent investment" for the group and that the sale would release cash for shareholders and enable the company to invest in new ventures.
He added: "The Great Eastern is a wonderful hotel and I am pleased that when ownership passes from Blackstone and ourselves, that it will be to as high quality and globally respected a hotel group as Hyatt."
Blackstone and Conran were advised in the sale by Molinaro Koger and Jones Lang LaSalle Hotels.
By Emily Manson
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