Two City of London hotels go on the market for £160m
Two hotels in the City of London have been put up for sale by property developer Chelsfield, for a combined price of around £160m.
The 265-bedroom St Paul's and the 203-bedroom Gracechurch (pictured) are both operated under the US-based Club Quarters brand, which relies predominantly on corporate membership business.
Club Quarters, which currently operates 11 hotels in the USA as well as four hotels in London, signs up companies as members, offering competitive room rates to their staff. Non-members may book rooms at weekends, during holiday periods and on other dates when not used by members.
Buyers of the two London hotels, which are being marketed by property company Knight Frank, are being offered a financial package by Chelsfield to help complete a deal.
Dominic Mayes, head of hotels at Knight Frank, said: "Demand for quality central London hotel assets is currently very strong and we anticipate a high level of interest in these assets, in particular from overseas buyers. Both hotels are freehold, in excellent locations, have strong cash-flows backed by operator guarantee provisions and offer a purchaser good growth prospects."
The two other Club Quarters hotels in London are the Lincoln's Inn Fields and the Trafalgar Square.
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By Janet Harmer
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