£115 million cash sale of May Fair Hotel is complete

Radisson Edwardian Hotels, one of London’s largest privately owned luxury hotel groups, has today completed the purchase of the prestigious five-star InterContinental May Fair London Hotel for £115 million cash.  This brings the British group’s total number of four and five star hotels in London to eleven. 
From today the hotel will trade as the five-star Radisson Edwardian May Fair Hotel, located on Stratton Street in the heart of Mayfair. 

Jasminder Singh, Chairman and Chief Executive Officer of Radisson Edwardian Hotels said, “We have sought the addition of an hotel in Mayfair to complement our group’s extensive coverage of London for some time and I can think of no better freehold property than the May Fair Hotel to achieve this goal.  Once refurbished, it will become one of the finest hotels in the capital and will further strengthen our group’s position in the luxury market segment, as well as demonstrating my belief in the long-term vitality of the London hotel market”.

Planning consent has already been obtained to extend and refurbish the May Fair Hotel, involving construction of a new six floor wing of rooms and an 8th floor extension, adding 80 rooms, as well as extending and improving conference and meetings facilities. 
Nick Marsh, CEO Europe for Jones Lang LaSalle Hotels, advisors to the vendors, InterContinental Hotels Group (IHG) said “IHG generated a high price for this landmark property which requires significant further capital investment to compete effectively in the upper tier of the London market.  Radisson Edwardian are now well positioned to take advantage of this opportunity”.  Robert Seabrook, Executive Vice President for Jones Lang LaSalle Hotels went on to say “Radisson Edwardian have successfully acquired this hotel in the face of strong competition from a variety of investors, operators and developers.  This is a clear demonstration of the pent up demand for prime hotel real estate in London despite the weak operating environment currently being experienced”
The acquisition of this 289 bedroom hotel will increase Radisson Edwardian’s London bedroom count to 2300.  Included in their portfolio of award winning hotels is the Berkshire Hotel, voted ‘Hotel of the Year 1989’ by The Caterer and Hotelkeeper, and the five-star Radisson Edwardian Heathrow Hotel, seven times winner of the Best Airport Hotel in the World and the Leading Conference Hotel in Europe, 2002.