Crowne Plaza in Shoreditch is put up for sale

By Lorraine Heller

- Last updated on GMT

Related tags: Bedroom, Hotel chains

Crowne Plaza in Shoreditch is put up for sale
The 264-bedroom Crowne Plaza Hotel in Shoreditch has been put up for sale after falling into administration earlier this year.

Property agents Colliers International, who are acting on behalf of the administrators and receivers Grant Thornton, said they are looking for offers of around £80m.

Crowne Plaza in Shoreditch had been owned and operated by the Irish property group Glenkerrin until it went into administration in April this year.

The hotel, which will be sold as a going concern, consists of 196 bedrooms, 11 conference suites and two bars, as well as a rooftop restaurant.

A part-constructed extension adjacent to the property will add another 68 rooms and a 4,000 sq. ft. restaurant which is likely to be completed by the end of 2011.

July sale

Colin Hall, head of London hotels at Colliers International said the guide sale price was set at around £300,000 per bedroom, taking into account the additional rooms that will be added and created to the “Crowne Plaza standard”.

“The part-built extension comprising another 68 rooms are included as part of the deal, so we’re effectively asking for offers based on the finished 264-room hotel. The structure is up, although the fit-up is as yet to be completed; it should be completed by end of the year.

“Chances are there will still be work outstanding at time of sale, so we’d agree a discount price to reflect the work that still needs to be done,” he told BigHospitality.

Hall said Colliers International, which was only appointed last week, is currently putting together a sales brochure, but has already received strong interest for the property.

It intends to market the hotel for “no more than three to four weeks” before it calls for “best and final offers” by the end of July, “depending on the levels of interest”.

Olympics trade

“So far the interest has been extraordinary; we’ve been inundated with enquiries, including some big-name players.

“There are few genuine purchase opportunities in the London hotel market at the moment, and to buy a good top four-star standard freehold hotel at what appears to be around 300,000 per bedroom is a great opportunity,” said Hall.

The hotel is located close to Liverpool Street Station, with easy access to London City Airport. It is said to have strong corporate trade, both for its rooms and conferencing facilities, and it thought to be well placed to benefit from the Olympics next year.

Related topics: Business, Hotels

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