Crowne Plaza in Shoreditch for sale at £80m
The 196-bedroom Crowne Plaza hotel in Shoreditch, London, has been put on the market with a guide price of £80m, after the property went into administration last month.
Grant Thornton, which was appointed as administrator on 6 May, has engaged Colliers International to handle the sale of the hotel. The hotel was previously owned by Hotel St Gregory.
As well as its existing portfolio of 196 bedrooms, 11 conference suites, two bars and a rooftop restaurant, the property has a partly constructed extension which includes 68 bedrooms and a 4,000sq ft restaurant, which is due to be completed by the end of 2011. The new bedrooms will all be compliant with the Crowne Plaza brand standard.
Colin Hall, director at Colliers International, said the hotel, which is seven minutes' walk from Liverpool Street Station, has strong corporate trade in rooms and conferencing.
"London continues to show a consistently solid performance with a rolling diary of events and a growing and vibrant corporate demand," he said. "Rarely does the opportunity arise in London to buy a genuine four-star-standard freehold hotel at circa £300,000 per bedroom and we are expecting strong demand from a wide range of buyers."
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By Janet Harmer
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