Bass already had a 50 per cent stake in the hotel and has now bought out Apsley Hotels which owned the other half. Bass said the deal gives it full ownership of the long-term lease and shows a cash yield of more than 10 per cent. The hotel is the flagship of the Inter-Continental chain.
Bass paid pounds 1.8bn for Inter-Continental last year and has been combining the chain with its Crowne Plaza and Holiday Inn hotels. Bass has said it wants to quadruple the size of Crowne Plaza and Inter-Continental over the next five years both through new management contracts and acquisitions.