Redefine acquires Earls Court hotel

Posted On Monday, 26 November 2012 08:21 Published by eProp Commercial Property News
Rate this item
(0 votes)

Redefine Properties International has acquired 60% of the issued shares in BNRI Earls Court from Camden Lock and Earls Court LLP for £8.7m, which complements the group’s existing portfolio of six high-quality hotels.

Mike WattersBNRI owns the 150-room Holiday Inn Express Hotel, valued at £27m, in Earls Court, London.

The remaining 40% shareholding in BNRI is held by Camden Lock and Earls Court LLP, which is controlled by Bashir Nathoo.

CEO Mike Watters said that during the group’s recent £127.5m capital raising "we stated that we had identified a strong pipeline of acquisition opportunities, and this transaction represents the first of these".

"The limited-service hotel sector continues to thrive in pockets of London and, with our in-depth knowledge of the performance of this particular hotel and our belief in the potential of this sector, we believe this transaction illustrates a compelling investment opportunity that will deliver high-quality income to our investors," he said.

Mr Watters said Redefine International Hotels, a subsidiary of Redefine International, had been involved in the operational management of the hotel since December 2010 and had a "good" working knowledge of the business prior to the group’s investment.

The hotel formed part of the Splendid Hotel Portfolio, which consisted of seven hotels that were originally co-owned by Mr Nathoo, five of which were acquired by the group in December 2010.

Redefine said the hotel was partly funded by a debt facility of £12.5m from Aareal Bank AG for a term expiring in November 2015, at an all-in rate of 5.19%.

The hotel is located close to the Earls Court Exhibition Centre and arena and the Olympia Exhibition Centre. There are two meeting rooms for up to 50 delegates, a restaurant and bar, and 16 parking spaces.

It is held under freehold title and is subject to a franchise agreement with IHG Hotels until 2023.

 

Last modified on Friday, 18 April 2014 14:22
" "

Most Popular

Vukile transforms Pinetown’s first shopping centre, Pine Crest, into the first choice for shopping

Jul 25, 2019
 ITUMELNG MOTHIBELI
The renovated new Pine Crest launched today after an innovative R200m, 14-month…

Successful construction of CrestAquarium by Concor Buildings

Jul 25, 2019
 CRESTAQUARIUM 1
The indoor CrestAquarium at Cresta Shopping Centre allows shoppers to view more than 30…

The next wave of property development in Africa is coming

Jul 31, 2019
 NIYI ADELEYE
The past decade has seen South African property developers and investors forge their way…

Centurion Mall, Redefine’s largest asset after comprehensive refurbishment

Jul 25, 2019
CENTURION MALL 1
The JSE-listed diversified real estate investment trust Redefine Properties today…

Sandton Central’s private sector green building leadership contributes to better public spaces

Jul 25, 2019
 ELAINE JACK
From 2010, when Nedbank completed its headquarters on the corner of Rivonia Road and…

Please publish modules in offcanvas position.