London, Paddington Hotel Sold to French Hotel Group Set on UK Expansion

Main Photo: The Chrysos Hotel, Paddington

Date: April 2020

Location: Paddington, London, UK

Name: The Chrysos Hotel

No. of Keys: 57

Seller: The Souglis family, who originally acquired one building over 25 years ago, before purchasing the neighbouring building a decade later.

Buyer: The hotel has been sold to Touriste Collection, a French hotel group first established in Paris in 2008, which is now looking to expand its portfolio in the UK market.

The have three very fine-looking bijou hotels in Paris, 4-star Hotel Panache, 3-star Hotel Beaurepaire and 4-star Hotel Bienvenue.

The group plans to extensively upgrade and modernise the hotel, as well as increase the number of rooms within the property.

Despite the difficult climate, The Chrysos Hotel generated ‘tremendous interest’ from both UK and overseas buyers, according to Christie & Co who handled the sale.

They added: “We had a whole range of competitive interest in the Chrysos Hotel from both domestic and overseas buyers. Despite the very real market challenges at the moment, we are delighted to announce this important sale which underlines the continued global appeal for London hotels.”

Chrysos Hotel was sold for in excess of the guide price, which was thought to be around £16m

Price: say £16m

Price per Key: £298,246

THPT Comment: The Chrysos is typical of the hotels in the area, Norfolk Square and others…Converted Victorian houses that were only one-up from B&Bs, that will be gentrified into fully fledged hotels over the next few years. A fine example is the Inhabit Hotel in 2019.

First Seen: Boutique Hotelier

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