Heeton Holdings Limited, together with KSH Holdings Limited and Ho Lee Group Pte Ltd, announced the completion of the joint acquisition of the Crowne Plaza London Kensington via a share sale and purchase agreement.
According to the media reports the Singaporean consortium has acquired the hotel for £84.3 million. Heeton holds a 60% stake in the hotel, while KSH and Ho Lee each holds a 20% stake.
Housed behind a historic Georgian façade, the Crowne Plaza London Kensington is located in the Royal Borough of Kensington & Chelsea, a prime location in the heart of London that is within walking distance of many top tourist attractions, historical landmarks and luxury shopping districts, while offering excellent connectivity to Central London and Heathrow Airport.
The freehold property sits on nearly one acre of land with substantial frontage onto Cromwell Road, one of the main arterial routes into Central London. It has 163 stylishly designed ensuite bedrooms, a restaurant, a bar, a fully-equipped gym, as well as conference and events facilities. Refurbished in 2015, the hotel offers enhancement potential to create value and generate revenue growth.
Mr Eric Teng , Heeton’s Chief Executive Officer, said: “This acquisition reaffirms Heeton’s intention to be a strategic player in the international hospitality sector. Given the enterprise value associated with the transaction, as well as the growth potential of the UK hospitality market, we believe this acquisition will add value to our current portfolio. With it, the Group’s enlarged portfolio now comprises 12 operating hotels, with 8 hotels in the United Kingdom, 2 in Japan and 2 in Thailand.”
Mr. Choo Chee Onn, Executive Chairman and Managing Director of KSH, said: “With its strategic location in the thriving business and tourism hub of London, offering convenience and excellent connectivity, this quality hospitality asset will resonate well with travellers. We believe this acquisition is an excellent addition to our portfolio of 11 investment properties, to further strengthen our recurring income stream. We will continue to be on the lookout for other attractive opportunities to grow our portfolio.”
Mr. Benjamin Tan, Managing Director of Ho Lee Group, commented: “We are pleased to partner with Heeton and KSH on this acquisition, and we look forward to adding value to the consortium with our expertise in construction and property development. “