Park Inn Heathrow sold out of administration

By Carina Perkins contact

- Last updated on GMT

Related tags: Hotel

The Park Inn by Radisson at London Heathrow is currently undergoing a £13m refurbishment
The Park Inn by Radisson at London Heathrow is currently undergoing a £13m refurbishment
Heathrow hotel The Park Inn by Radisson has been bought out of administration for over £70m.

The 895 four star hotel, which is run by Radisson on a lease guaranteed by Rezidor Hospitality A/S, was snapped up by real estate company AXA REIM for around £72, representing a net initial yield of 5.9 per cent.

The property and its extensive conference facilities are currently undergoing a multi-million pound refurbishment.

Michelle Webb, director of hotels at Savills, which negotiated the deal, said: “Park Inn is the closest hotel to terminals 1, 2 and 3 at London Heathrow, the busiest airport in the UK.

“Its location, combined with a strong covenant to Rezidor, which is rolling out a £13 million refurbishment programme on the property, made it an attractive investment and the strength of the asset is reflected in the price achieved.”

 

 

Related topics: Hotels, Venues, Business

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