Firmdale Hotels sell two London properties to fund £90m flagship build
London-based hotel group Firmdale is to sell two of its London properties to fund a new flagship hotel build on the Ham Yard site in Soho, London.
Firmdale, who currently own and operate six London hotels, is in early negotiations to sell The Knightsbridge Hotel and Number 16 in Kensington on a sale and leaseback basis for £56m.
The money raised will then be used to transform the 150,000sqft site in Ham Yard, purchased from receivers Allsop and Fleurets for £30m, into a luxury, five-star hotel with additional residential, retail and work studios, subject to planning approval.
Tim Kemp, chairman and founder of Firmdale Hotels, said the Ham Yard property would be the company’s ‘most exciting’ project to date.
“We will be creating a thrilling public space with a new access point for Soho from Great Windmill Street to Denman Street,” he said. “This will add to the already vibrant atmosphere Soho offers and will underpin Firmdale’s support for the Soho area.”
While the hotel will ‘provide the highest standards of accommodation and personal service’, Firmdale are still working with architects to finalise the look and style of the finished property.
The property had been in receivership after its previous owner, the Gibraltar-based Windmill Developments, went into liquidation.
