Location: Bond Street, Mayfair, Off Kensington High Street and Holland Park
Names: The Westbury, The Holiday Inn Kensington High Street (was The Kensington Close) and the Hilton London Kensington
No. of Keys: 1,534
The Properties: Cola Holdings selling assets including the five-star 225-key Westbury hotel in London’s Mayfair. Cola Holdings, the hotel company founded by Kurdish born Bakir Cola, has hired Savills to find a buyer for assets including the Westbury Hotel, Holiday Inn Kensington High Street and the Burberry unit at 21-23 Bond Street and the Hilton London Kensington.
In 1999 Cola, the now 77-year-old Kurd, came to the UK when Saddam Hussein took power in his native Iraq, bought the 68-bedroom De Vere Park hotel and sold it on two years later….now The Baglioni. He also built both Kingsway Hall and Harrington Hall, which he owned until April 2005 when it was sold to NH Hoteles for £49.6m. More recently it changed hands again to a JV between London Central Portfolio and APG for around £130m.
The Holiday Inn started life as Trusthouse Forte hotel (as was The Westbury), which he bought from InterContinental Hotels Group for £70m in 2002. In 2018 Cola acquired the Hilton London Kensington hotel for £260m following the administration of Vincent Tchenguiz’s hotel business.
The 603-bedroom hotel was the largest of 10 put on the market after the property developer’s Zinc Hotels business entered administration and the transaction was one of the largest single asset hotel sales across Europe in 2018.
Main Photo: The flagship Westbury Hotel, corner of Bond Street and Conduit Street
Brand/Management: TBA – currentl The Westbury is an AC by Marriott…the other two are Holiday Inn and Hilton respectively
Financials: Financials available upon signing of a NDA
Current Owner: Family company – Bakir Cola and son Azad
Agent: Savills, who sold Cola’s Kingsway Hall to Shiva Hotels in 2014 for around £90m and acquired Hilton London Kensington for Cola.
Guide Price: £1bn
Guide Price per Key: Around £652k
Date Posted: February 2020
THPT Comment: What a shame we couldn’t have got this off-market! the real prize is The Westbury…the other two are usefully large Kensington hotels – Holiday In at 706 rooms and Hilton at 603! Bakir Cola has done really well, having been in the serviced apartment business as an early adopter with 130 Queensgate and Roland House.
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