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www.thecaterer.com Steigenberger to operate brand new
luxury hotel at the Great Scotland Yard German hotel group is to enter the UK for the first time when it takes over the management of the original Scotland Yard police station in 2017
By Janet Harmer
Steigenberger’s appointment as the operating company for what will be known as the Great Scotland Yard hotel – a luxury 233-bedroom property – was announced as the developer Galliard Homes completed a £110m deal to sell the 92,000 sq ft site to Abu Dhabi-based LuLu Holdings. The property, which has un- dergone 30% of its construction, will be handed over to LuLu Holdings, headed by Indian billionaire Yusuffali Kader, once the building is completed. The agreement ends a period of speculation during which KSL Capital Partners came close to acquiring the property, with a view to converting it into a Malmaison hotel. However, the deal was called off when KSL sold Malmaison and Hotel du Vin to the Singapore-based Frasers Hospitality last month. The transaction by LuLu
Holdings is just the latest by an overseas investor in the bur- geoning luxury hotel market in London, which today numbers 49 five-AA-star hotels and many more that are ungraded and op- erate at the highest level. Further upscale hotels set for the capital include Admiral- ity Arch, owned by Prime In- vestors Capital Investors; Ten Trinity Square, which is owned and being developed by
completed the redesign of the Ivy restaurant, will oversee the look of the property, which is described by Don O’Sullivan, managing director of Galliard Homes, as “synonymous with exceptional service and refined luxury and quality”. Founded in 1930, Steigen- remained
berger as a fam-
ily company until 2009 when it was bought by Egyptian tourism entrepreneur Hamed El Chiaty, owner of Travco Group International. Today it comprises a portfolio of 92 ho- tels with a further 18 properties under development. Puneet Chhatwal, chief execu-
The Great Scotland Yard hotel will be developed over seven storeys
Reignwood Group and will open as a Four Seasons hotel; and the Peninsular London, a joint venture from Grosvenor Britain & Ireland and the Hong- kong and Shanghai Hotels. Hotel consultant Melvin Gold said that London will continue to be an attractive proposition to overseas funds and high net worth individuals as long as occupancy levels remain over 80%, and room rates carry on growing.
“The market is showing no signs of over-capacity for the time being,” he said. “The pipe- line at both the upper and budg-
et levels continues to be strong.” The Great Scotland Yard ho- tel is being developed over sev- en storeys with two basement levels behind the façade of the original Edwardian red-brick and stone building. An adjoin- ing Grade 2-listed Victorian townhouse will be incorporated into the hotel and used to create one of three suites. The hotel will be included within Steigen- berger’s Signature-branded properties and will feature a restaurant, two bars, a library and private dining rooms. Martin Brudnizki Design Studio, which has recently
tive of the Steigenberger Hotel Group, said: “Our vision is to create an outstanding five-star hotel drawing on our reputa- tion for quality and service com- bined with the outstanding cen- tral location, grand architecture and fascinating history of Great Scotland Yard.”
● An opportunity to acquire a hotel development opportunity within the former Bow Street Magistrates Court has arisen. Austrian hoteliers Rudolf and Christian Ploberger have decid- ed to sell the property, which has planning permission to convert the Grade II-listed property into a luxury hotel. Gerard Nolan & Partners will handle the sale.
janet.harmer@thecaterer.com RBS to dispose of £14m Dragonfly Hotel portfolio
The Royal Bank of Scotland (RBS) is looking to dispose of five East Anglia hotels for around £14m. Colliers International has
been appointed by the bank to market the Dragonfly Ho- tel portfolio, which comprises 317 rooms across five hotels in the region.
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The hotel agency said it would consider offers on a full portfo- lio sale, as well as interest on a sub-group and individual basis. Hotels within the portfolio include the 76-room Cromwell hotel Stevenage, as well as four Dragonfly branded hotels – a 50-room King’s Lynn hotel, a 50-room Colchester hotel,
a 71-room Bury St Edmunds hotel and a 70-room Peterbor- ough hotel. Paul Barrasford, hotel agency director at Colliers Interna- tional, said: “This is a fantas- tic opportunity to acquire an established hotel portfolio that offers prospective purchasers the opportunity to invest and
reposition the businesses. “These properties are also ideal for an individual investor or private individual with a vo- cation for the hospitality sector. “Given the current strength of the hotel market, we antici- pate a strong level of interest in the portfolio,” Barrasford added.
31 July 2015 | The Caterer | 7
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