Cadogan has acquired the Draycott hotel in London with the property set to undergo a restoration before reopening as the Chelsea Townhouse, operated by Iconic Luxury Hotels.
Formerly owned by Draycott Holdings and managed by Mantis Collection, the property has 35 bedrooms and suites. Built in 1890, the Victorian property comprises three red-brick town houses on Cadogan Gardens.
The owners and management team will continue to operate the property with their existing team until 5 January, when the operation and staff will be transferred to Iconic Luxury Hotels.
The property joins Cadogan's existing hotel portfolio including the Cadogan hotel, operated by Belmond; the Beaverbrook Town House; and 11 Cadogan Gardens and Apartments, also operated by Iconic Luxury Hotels.
Iconic Luxury Hotel's executive director Andrew Stembridge said: "Iconic Luxury Hotels is delighted to be expanding its collection of Iconic properties. I am pleased to confirm that the Draycott hotel will form an integral part of our trio of Chelsea town house properties. Plans are currently being finalised to refurbish the property and transform it into the Chelsea Townhouse."
The former owners said: "We are thrilled that this wonderful property and its team will become part of the Cadogan Estate, who will be drawing upon the operational expertise of Iconic Luxury Hotels. Our loyal guest and team members have much to look forward to in the years ahead."
Hugh Seaborn, chief executive of Cadogan, landlord of over 90 acres of Chelsea and Knightsbridge, said: "We are delighted to bring this fine luxury hotel under our stewardship, as part of our strategy to ensure Chelsea has some of the world's best places to stay that truly become part of the neighbourhood."
JLL and DMH Stallard acted as advisors to the original owners of the Draycott hotel, whilst Cripps advised Cadogan.
Iconic Luxury Hotels was founded in December 2016 and is part of L+R Hotels. Its portfolio also includes Cliveden House in Taplow, Berkshire; Chewton Glen in new Milton, Hampshire; the Lygon Arms in Broadway, Worcestershire; and the Mayfair Townhouse in London, which opened in December 2020.