A group of four Grange hotels, in London's prime locations, have been sold at almost £1bn and be rebranded by real estate investment firm Queensgate, which is a partnership between the Kow family, Alvarium investments, Peterson group and Dilmun. The company has acquired the Grange’s upmarket hotels at St Paul’s, Tower Bridge, the City and Holborn.
In total the portfolio comprises 1,345 rooms and roughly 930,000 square feet (sq ft) of real estate. The hotels that have been sold by the billionaire Matharu family, who reportedly started reviewing their strategic options three years ago.
The hotels will be now run by Israeli hotel group Fattal, which plans to to carry out refurbishments across all four sites. The deal means Fattal now operates seven hotels and 2,000 rooms in the capital.
Jason Kow, chief executive of Queensgate Investments, said, “Queensgate is proud to have completed this milestone acquisition which represents circa 1m sq ft of high-quality central London hotels and delivers superior cash on cash returns for our investors.”
A spokesman for Grange Hotels said: “We are delighted with the outcome of the transaction. We acquired, developed and constructed the portfolio over a period of 20 years.
“The four hotels give the purchaser immediate scale in excellent locations, in one of the most highly sought-after and dynamic markets in the world.”
