Bain Capital Credit and Orka Acquire Park Lane Mews Hotel From Genting
Main Photo: The Park Lane Mews, originally called the Curzon Hotel
Date: June 2021
Location: Just behind the Hilton Hotel on Park Lane, London, England, UK
Name: The Park Lane Mews Hotel
No. of Keys: 72 and 17 apartments
Sellers: Genting Hotels & Casinos, who bought the hotel for £45m in 2011 from Chelsfield Partners.
Buyer: Bain Capital Credit, LP and Orka Investments Ltd have announced the acquisition of the 72-room Park Lane Mews Hotel and 17 adjacent residential units in Mayfair, London, with the aim of repositioning the property to offer a new hotel experience in one of the world’s most prestigious addresses.
The refurbishment and repositioning of the hotel and residential units will transform this historic establishment located within walking distance of Hyde Park and Green Park into a unique hotel offering. The works will include the refurbishment of the guest rooms, communal areas including the lobby, bars and restaurants.
“We are delighted to have acquired this fantastic hotel in such a prime location in partnership with Orka” says Fabio Longo, Managing Director at Bain Capital Credit. “Our expertise in the UK hospitality industry will allow us to invest strategically in the facilities and reposition the venue to reach its full potential. This further enhances the substantial real estate portfolio we have built throughout Europe, which we are actively growing through attractive investment opportunities.”
“Orka has long term conviction in the London residential and hospitality market, particularly in the Mayfair district which historically has been removed from overall market dislocations” says Raoul Malhotra, Co-Founding Partner of Orka. “We are thrilled to close this transaction and look forward to successfully building a wider platform together with Bain Capital.”
Bain Capital Credit is a leading global credit specialist with approximately US$44 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities, and real estate special situations.
Orka is a technology-driven alternative investment and advisory firm, founded by Raoul Malhotra and Oskar Sköldberg, that sources and manages investments in real estate and asset backed businesses on behalf of, and in partnership with, some of the world’s largest institutions. Orka has a particular focus on manage-to-core strategies in gateway cities across Europe. Orka’s purpose-driven club model gives a wider range of investors direct access to institutional-quality opportunities.
THPT Comment: This hotel, built in the late 1960s under the then government Tourism Grant scheme, where anyone was offered £1,000 a room to build new hotel rooms in the UK, hence some rather small rooms graced the London hotel scene, and none more so that this property. The hotel has been around the market for several years for a price in excess of £100m, considered to be highly over-priced by most. We believe the hotel has planning permission to be knocked down and rebuilt…be interesting to see what Bain and Orka do? Congrats folks, assuming you paid a sensible price.
First Seen: Bain press release
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
For more information – Visit www.thpt.co.uk or email info@rrh.hmf.mybluehost.me