Singaporeans Win Crowne Plaza London Kensington
Main Photo: The Crowne Plaza London Kensington
Date: April 2019
Location: Cromwell Road, Gloucester Road, London, UK
Name: The Crowne Plaza London Kensington
No. of Keys: 163
Seller: Hotel investment holding company L.C. (London), which was incorporated in England and Wales in 1995, sold the hotel in a share sale and purchase agreement.
L. C. (London), which has the Crowne Plaza London Kensington as its primary asset, posted a net profit of £741,480 in 2018 on turnover of £11.8 million, according to British company records. Earnings fell by 10.4 per cent on the year before, on higher expenses, despite a rise in revenue.
L C London appears to have been owned by fellow Singaporean individuals.
Buyer: A Singaporean consortium has paid £84.3m for the Crowne Plaza London Kensington. The 163 room property delivered gross revenues of £11.8m in 2018, reports the Business Times of Singapore.
Heeton Holdings, KSH Holdings and Ho Lee Group joined in the 60/20/20 consortium purchase. Heeton now has interests in 12 properties, of which eight are in the UK, including an Accor Ibis Styles in Kensington, an IHG HI Express in Manchester, other budget hotels and hotels in Japan and Thailand.
Mainboard-listed developer Heeton Holdings, which now has a 60 per cent stake in the 163-room development, went in with mainboard-listed contractor KSH Holdings and the privately held construction company Ho Lee Group, which each holding a 20 per cent interest.
Price: £84.3m
Price per Key: £517,178
THPT Comment: The hotel has been for sale for a while now, and was price-guided at around £100m. A healthy yield and not a bad price per key.
First Seen: The Business Times of Singapore
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