Wed, 22 Jun 2011 | COMMERCIAL PROPERTY
Following its fall into administration earlier this year, the Crowne Plaza Hotel in London’s Shoreditch has been put up for sale as a going concern.
The 196-bedroom hotel – which was owned and operated by Irish property group Glenkerrin – comprises 11 conference suites, a rooftop restaurant and two bars. A partially-built extension to the hotel will ensure another 68 bedrooms and a restaurant will be added to the portfolio. The extension is slated for completion by the end of this year.
The administrators at Grant Thornton have appointed property agents Colliers International to handle the sale of the hotel, with a guide price of around £80 million.
Head of London hotels at Colliers International, Colin Hall, confirmed that the guide price was set at around £300,000 per bedroom, including the additional bedrooms due to be added as part of the extension.
“The part-built extension comprising another 68 rooms are included as part of the deal, so we’re effectively asking for offers based on the finished 264-room hotel. The structure is up, although the fit-up is as yet to be completed; it should be completed by end of the year,” he added.
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