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Precis puts four hotels on the market

29 September 2005

Precis Holdings has put four of its seven London hotels on the market in a bid to raise between £130m and £150m through sale-and-leaseback deals.

The privately owned company intends to use the capital to develop its remaining three properties to a higher standard.

Precis, which also runs a self-storage business, has built up its hotel portfolio since the mid-1900s by purchasing, refurbishing and repositioning underperforming family-owned hotels.

The hotels for sale have 600 bedrooms and include the Best Western Premier Shafesbury Piccadilly and the Best Western Paddington Court Hotel and Suites. The other two hotels on the market are the Hyde Park Paddington hotel and the Shaftesbury Kensington hotel.

Both will operate as Best Westerns later this year.

The sale should be completed by the end of the year, said Andrew Ovey, assistant director of the real estate team at Ernst & Young, which is handling the sale.

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