Park Plaza yesterday exchanged contracts to acquire the site at Park Royal for £6m. A 10 per cent deposit has already been paid, with the balance payable in cash on completion, which is due to take place “no later than June 2012”.
The group, which owns, operates, develops and franchises hotels in the UK and internationally, said it is in the process of applying for planning permission to construct a new hotel at the front of the site.
Located at 628 Western Avenue, the two-acre site was chosen as it is a “high profile, gateway” location. It is situated directly opposite Park Royal underground station, is adjacent to Hanger Lane underground station, fronts onto the A40 and has good transport links into central London, Wembley Stadium, Westfield Shopping Centre and Heathrow Airport.
Park Plaza UK hotels
Park Plaza currently operates six hotels in the UK, with its flagship London site at Westminster Bridge opened last year.
In addition, in January this year the group acquired full ownership of three London hotels that it had previously operated under contract: Park Plaza Sherlock Holmes Hotel, Park Plaza Victoria Hotel and Park Plaza Riverbank Hotel.
Park Plaza also plans to develop an 18-storey, 350-bedroom hotel under the art-inspired hotel collection Art-otel, due to open at London Hoxton next year.
The group’s president and chief executive officer, Boris Ivesha, said the new Park Royal site is part of plans to further grow its UK portfolio.
"This presents an exciting opportunity to build a new hotel within the M25 and shows our ongoing commitment to grow our UK hotel portfolio beyond the six hotels and 2,300 rooms that we currently have in London,” he said.
“This site gives us the opportunity to deliver a hotel which will be a natural stopping point for those travelling in and out of the West of London."