Molinaro Koger Advises on lb150 mil Great Eastern Hotel Transaction
LONDON, UK, March 15, 2006. Molinaro Koger (MK) announced today that it acted on behalf of joint owners, Conran Holdings and the Blackstone Group, in the successful sale of the Great Eastern Hotel, London. The grade II-listed property on Liverpool Street was sold to Global Hyatt Corporate and JER Partners for lb150 million. It is expected that the hotel will re-brand as a Hyatt in January 2007.
'This is one of the most significant sales in London in recent years; it indicates the on-going buoyancy of the London market and strong interest in luxury properties,' said Eric Kudlak, Managing Director, Europe, Molinaro Koger.
'With the highest average daily rate in Europe, London remains one of the most attractive locations in the world for international investors and operators, all of whom want properties in the capital. While other major brands have multiple properties, Hyatt's presence here has been very limited, making the Great Eastern a logical fit.'
Originally a grand Victorian railway hotel, the 267-bedroom Great Eastern Hotel re-launched in 2000. Located in the heart of the City, next to Liverpool Street Station, the hotel has 12 private dining and meeting rooms, four restaurants and five bars, a health club and two retail units. Conran Holdings, which manages the hotel's restaurants, bars and private dining rooms, will continue to provide advisory services on these activities to Hyatt/JER following the sale. The Great Eastern Hotel is held on a lease from Railtrack.
Molinaro Koger was founded in 1959 to provide specialized hotel real estate advisory services to the industry. Working exclusively in the hotel sector, the Washington DC-based company is one of the top three hotel real estate companies in the US, with 11 offices in the USA, Beijing, London and Shanghai. Recent assignments in Europe include the Prague Marriott, Forte Village in Sardinia and various properties in the UK, France, Portugal and Poland.
For further information about these transactions and current listings, please contact Eric Kudlak at Molinaro Koger, Berkeley Square House, Second Floor, Berkeley Square, London W1J 6BD, United Kingdom, +44.207.887.6089 or via www.mkhotels.com.
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