Hotels near Olympic Park up for sale
Two hotels close to the London 2012 Olympic Park have been put up for sale for a combined price of around £60m.
The 188-bedroom Holiday Inn and 162-suites Staybridge Suites, in the heart of Westfield Stratford City - Europe's largest urban shopping centre - are being marketed by CBRE Hotels EMEA, on behalf of Patron Capital and Cycas Hotel Partners.
The two hotels, which opened only two months ago, are operated by a partnership between the two companies under a franchise agreement with InterContinental Hotel Group (IHG). Staybridge Suites is IHG's extended-stay brand and the Westfield Stratford City hotel was the first one to be launched in London.
Owen Pritchard, associate director for CBRE Hotels EMEA, said: "Stratford is set to become London's most exciting new business address and is a part of London with limited existing hotel supply. The legacy of the Olympics for the area is huge and will include five permanent sporting venues, and up to 11,000 new residential units and half a billion square feet of new office space."
Patron and Cycas bought the hotels when they were under development in January 2011.
Cycas Hotel Partners buys two Olympic hotels >>
IHG's new Olympic hotels on track for 2012 >>
By Janet Harmer
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