Arora Hotels Sells the Sofitel at Gatwick Airport

Main Photo: The Sofitel London Gatwick

Date: October 2019

Location: North Terminal Gatwick Airport, Surrey, UK

Name: Sofitel London Gatwick

No. of Keys: 518

Seller: Arora Hotels has sold the Sofitel at Gatwick airport in a deal reportedly worth £150m. Arora will continue to run the 518 room hotel under a long term lease with the new owner.

Buyer: The hotel was bought by Schroder Real Estate Hotels on behalf of a JV between BAE Pension Funds and Immobilien Europa Direkt. The addition means Schroder now manages 51 hotels worth around GBP2bn.

Stéphane Obadia, head of investment at Schroder Real Estate Hotels, said: “With some exciting refurbishment works planned for the property, we will be happy to support the hotel in further developing the superior position it has gained in the Gatwick market.”

A spokesperson for Arora said: “The Arora Group confirms that they have completed the sale and leaseback of the Sofitel London Gatwick property and will continue to operate the business, as usual, under the existing franchise agreement with Accor.”

The buyers were advised by CMS, Stephenson Harwood, Carey Olsen, Osborne Clark, and PWC. Arora was advised by Burges Salmon and Eastdil Secured.

Price: £150m

Price per Key: £289,575 (for the freehold)

THPT Comment: Good cash-in for Arora, no doubt to help them on their new baby at Windsor.

First Seen: Hotel Management

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