Malaysia-based YTL Hotels has acquired the 74-bedroom Threadneedles hotel in London.
YTL Corp, in a statement on the Kuala Lumpur stock exchange, said the group, through newly registered subsidiary company Threadneedles Hotel, had bought the leasehold of RW Threadneedle Street, the holding company of the property, for an unconfirmed sum of around £40m.
Formerly the head offices of City and Midland Bank from the 1880s, the Grade II-listed Victorian building was restored to a luxury hotel in 2002.
The hotel was one of the first UK additions in 2013 to Marriott International's Autograph Collection, its lifestyle brand for independent, luxury hotels. The hotel will retain its franchise affiliation with the collection under YTL's ownership. It is the company's second Autograph property in the UK following its acquisition of the Glasshouse hotel in Edinburgh last year. Its UK portfolio also includes the Gainsborough Bath Spa, Monkey Island in Berkshire and the Academy hotel in London.
The acquisition expands YTL's worldwide portfolio of Autograph Collection properties to four, also including the Majestic Hotel Kuala Lumpur and Hotel Stripes Kuala Lumpur.
Close to the Bank of England and the old Royal Exchange, Threadneedles is situated in close proximity to the financial and economic heart of London's Square Mile, and is also home to a Marco Pierre White Wheeler's of St. James's Oyster Bar and Grill Room.
According to its latest accounts, lodged at Companies House, Threadneedles achieved a turnover of £7.1m to 31 December 2015, with a pre-tax-loss of £1.9m.
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