Mon, 05 Oct 2015 | BUSINESS SALE
Kensington Close Hotel, one of the biggest hotels in England's capital, has been put up for sale.
Owned by Kurdish businessman Bakir Cola, the hotel boasts more than 708 rooms and is located close to High Street Kensington close to a tube station.
Reports from The Times have revealed that it is being marketed for sale at an estimated price of offers over £350 million. This would net Mr Cola a multimillion-pound profit.
Savills and CBRE are understood to have been appointed to sell the hotel after Mr Cola acquired the freehold to the property back in 2002 for £70 million in a purchase from InterContinental Hotels Group.
Kensington Close Hotel was given an extensive refurbishment at the cost of £45 million in 2012, helping to modernise the accommodation and its 12 meeting rooms.
The hotel's current owner, Mr Cola, is a Kurd who left his native Iraq when Saddam Hussein came to power. He then founded Cola Holdings and took ownership of several luxury hotels. In addition to Kensington Close, the company has owned Kingsway Hall and The Westbury.
EY's global hospitality report, released at the beginning of 2015, suggested that 2015 would be a strong year for the industry thanks to growth and increasing levels of innovation and demand. In conjunction with this, M&A activity in the sector has seen solid year-on-year growth and is expected to continue at a healthy rate.
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