London’s second InterContinental hotel up for sale
Despite signing a 20-year contract with InterContinental Hotels Group (IHG) in 2009, Splendid have taken the decision to sell the Westminster property following a disagreement between its partners.
Shiraz Boghani and Bashir Nathoo, who have run a number of IHG franchises under the Holiday Inn brand, have dissolved their partnership and instructed CBRE Hotels to market the property for a sum in excess of £80m.
The move, which also sees the pair market the £35m Hilton Southwark, was forced by court order.
The former site of Queen Anne’s Chambers near St. James’s tube station has been undergoing renovation work to transform the building into a five-star 254-bedroom hotel complete with restaurant, bar, business centre, meeting rooms and spa and leisure facilities.
The hotel is expected to open in the summer of 2012.
Paul Bartrop, director of CBRE Hotels, said: “There is no doubt that this hotel will prove to be a valuable and popular addition to London’s five star hotel inventory, that it will quickly establish itself on opening and can be expected to perform strongly due to its outstanding location and the high quality of the product.”
The sale of the hotel will be subject to a management agreement with IHG (Management Services).
