News in brief

CBRE places two hotels near Olympic Park up for sale

By Luke Nicholls , 19-Jul-2012

Related topics: Business, Venues, Events & Awards, Legislation, Olympics, Hotels

The 188-room Holiday Inn and the 162-room Staybridge Suites, both situated in the heart of Westfield Stratford City with access to the Olympic Park, have been put up for sale at a combined guide price of around £60m.

The Holiday Inn and Staybridge Suites hotels are located in a single building in Chesnut Plaza next to the London 2012 Olympic Park

The Holiday Inn and Staybridge Suites hotels are located in a single building in Chesnut Plaza next to the London 2012 Olympic Park

The hotels, which opened two months ago under a franchise agreement with InterContinental Hotels Group, are being marketed by CBRE Hotels EMEA on behalf of Patron Capital and Cycas Hotel Partners.

Stratford is set to become London's most exciting new business address and is a part of London with limited existing hotel supply,” said Owen Pritchard, associate director for CBRE Hotels EMEA.

“The legacy of the Olympics for the area is huge and will include five permanent sporting venues, and up to 11,000 new residential units and half a billion square feet of new office space."

The two hotels were built by Westfield and were bought by Patron and Cycas when they were under development in January 2011.

They are situated at the centre of the Westfield Stratford City shopping centre development, which includes 1.9m sq.ft of retail and leisure space, 1.1m sq.ft of offices, housing and community facilities.

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