Splendid Hospitality Group invests £22m to extend lease of London hotel

Splendid Hospitality Group has invested £22m in a 100-year lease extension of the County Hotel in London's Bloomsbury.

The County Hotel is currently closed and is due to open in 2024 following a renovation, Splendid Hospitality confirmed.

The group completed the deal with the Bedford Estates to bolster its hotel offering in the capital.

Bedford Estates is the largest property owner in Bloomsbury and has managed a portfolio of commercial and residential sites in the area for the past 350 years.

Nadeem Boghani, owner of Splendid Hospitality, said: "This deal signals a significant investment opportunity for Splendid Hospitality and further strengthens our versatile development plans in key markets in the UK.

"Bloomsbury is a thriving part of London, and we have exciting plans to turn this iconic building into another striking member of the Splendid Hospitality portfolio."

Simon Elmer, steward of The Bedford Estates, added: "Our focus is on the long-term sustainability of Bloomsbury and its community. This level of investment from such a notable hotel operator only serves to strengthen our purpose. We look forward to seeing how Splendid Hospitality's plans evolve."

The Bedford Estates was advised by Gerald Eve.

Splendid Hospitality Group is run by Shiraz and Nadeem Boghani and has over 2,500 bedrooms and 40 fast food restaurants in its portfolio, which includes the Grand, York, and Hilton London Bankside and KFC.