Qataris buy InterContinental London Park Lane for £400m
Thursday 28 March 2013
One of London’s most prestigious hotels was today bought by the Qataris for more than £400 million.
The five-star, 13-storey InterContinental London Park Lane was only officially put on the market last month, but after attracting interest “from a number of investors” has been sold for £301.5 million to Constellation Hotels, which is ultimately owned by the Qatari sovereign wealth fund.
The Qataris are also understood to have bought the freehold for around £100 million from the Crown Estate.
InterContinental Hotel Group (IHG), which has transformed itself from a hotel owner to a hotel manager over the last decade, will continue to run the Park Lane hotel for the next 30 years with a further three, 10-year extension options.
The sale price was much higher than most analysts had expected, with most forecasting around £250 million.
Richard Solomons, chief executive of IHG, said: “When you talk about selling a trophy asset like Park Lane people pick up the phone quite quickly. It’s a good price for both parties for a 57-year leasehold. It also highlights both the value of assets on our balance sheet and also the value of InterContinental as one of the world’s leading luxury hotel brands.”
Constellation recently bought four luxury hotels in France including Hotel Concorde La Fayette, near the Eiffel Tower.
The Qataris also bought the W Hotel in London’s Leicester Square just over a year ago. In addition, they have announced plans to take the Harrods brand into hotels.
- 1 'Not suppost to cry': 9-year-old lists the worst things about being a boy
- 2 Lee Evans announces his retirement from comedy on The Jonathan Ross Show
- 3 Iggy Azalea responds to Eminem rape lyrics: 'I'm bored of old men threatening young women'
- 4 These grandmas smoking weed for the first time are wonderful
- 5 Pastafarian former porn star Asia Lemmon allowed to wear colander in driving licence photo
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...