London Central Portfolio and APG JV to Buy Harrington Hall London
Main Photo: Harrington Hall Hotel
Date: January 2020
Location: Gloucester Road, London, UK
Name: Harrington Hall Hotel – to reopen 2022
No. of Keys: 200
Seller: Saudi Arabian company the Olayan Group, which bought the business in 2014 for £90m from a Spanish company that branded the hotel under NH Hotels.The Spanish investor went into receivership and the hotel has been empty for some years.
Buyer: The new owners of the hotel plan to create a new lifestyle, budget brand and Harrington Hall is to be first of a new brand of all-suite lifestyle hotels, following its acquisition for an undisclosed sum by a JV between an Anglo-Dutch joint venture.
Real estate investment company London Central Portfolio (LCP) and Dutch-based investor APG are the new owners of the hotel which has been sold off a guide price of £130m.
Aimed at the budget-conscious business and leisure traveller, the new brand will launch in spring 2022 following a transformation of the property, which is located across a series of terraced Victorian houses.
LCP will undertake the design, development and operation of the hotel, which is expected to be joined by further acquisitions across prime central London locations.
Naomi Heaton, founder and chief executive of LCP, said: “LCP has always been at the cutting edge in recognising and meeting the changing needs of the global traveller. With APG, we will build an affordable and innovative all-suite hotel brand across central London with a real emphasis on the guest experience. It will showcase the best in British design with a focus on sustainability and green technologies.”
LCP has US$1bn of assets under management. Thy have been active in the Prime Central London residential market since 1989 and specialise in property sourcing, renovation, lettings, ongoing property and sales management. They act for the buyer – both individual and institutional investors – providing a seamless, one-stop service from acquisition to divestment.
Robert-Jan Foortse, head of European property investments at APG, added: “We intend to create a new type of accommodation for the prime central London market which is cutting edge in terms of place-making, whilst also promoting the highest standards in environmental and social responsibility.”
THPT Comment: APG’s holds over €2b (£1.66b) worth of hotel investments, including a stake in CitizenM. Very enterprising of LCP to both partner up with APG and to enter the hotel-ownership sector.
First Seen: The Caterer
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