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London's Gore and Pelham hotels sold to Italian group Starhotels

10 July 2014 by
London's Gore and Pelham hotels sold to Italian group Starhotels

Located in South Kensington, the Pelham has 51 bedrooms, while the 50-bedroom Gore is the closest hotel to the Royal Albert Hall, Kensington. The two hotels were owned by property developer Con Ring and a group of private shareholders.

The acquisition of the properties marks an entry into the London market for Starhotels, which owns 22 hotels with 3,690 bedrooms in Italy, Paris and New York. The portfolio includes five hotels under the Collezione brand.

Ring said he believed the Gore and Pelham would "complement perfectly" the existing Starhotels properties. "We have no doubt that Starhotels will continue to be great custodians of them," he added.

KPMG's corporate finance practice advised Ring on the sales. Neil Meredith, head of hotel and hospitality mergers and acquisitions at KPMG, said: "From the outset, there was a lot of interest from international buyers and investors, resulting in a highly competitive sales process. The deal further demonstrates the continuing strong appetite from overseas for well-located real estate in central London."

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