Rapidly expanding hotel owner and operator Nine Group has acquired a hotel development site in North Greenwich out of administration.
Planning permission will now be submitted to extend the part-built, 50-bedroom hotel, which will be aimed at the three-star market. The property, known as the Greenwich Peninsula hotel, is located adjacent to the O2 Arena.
Originally sold to a group of 50 buy-to-let investors, the hotel project was abandoned when Conqueror Holdings Limited fell into administration as a result of a failed joint venture between Zeeshaan Shah of property investment company One Capital and Cherif Investment Properties. Grant Thornton was appointed as the administrator of Conqueror Holdings.
Nine Group founder Vivek Chadha said: "I am delighted to be able to complete the build of this hotel, which has been standing incomplete in the centre of the Greenwich Peninsula for over two years, causing consternation to local residents and visitors alike.
"Located in close proximity to the world-famous O2 Arena, the hotel is at the centre of the redevelopment of the Greenwich Peninsula, ensuring our guests will be at the heart of this exciting new district and able to enjoy all it has to offer."
Nine Group is the owner and operator of nearly 20 branded hotels in the UK, including the Mercure St Albans Noke hotel, the Crowne Plaza Basingstoke and the Novotel London Heathrow Airport. It also has joint ownership of the Dragon hotel in Swansea and the Trafford hotel in Manchester, which is being refurbished with Ashley Hotels.
Chadha was recently announced as a rising star for London and south in the EY Entrepreneur of the Year awards 2017.
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