Frogmore and C1 Capital pay €156m for Hilton London Olympia

Frogmore and C1 Capital have bought the Hilton London Olympia for £130 million (€156 million/$170 million), the Park Inn by Radisson Northampton for £15 million (€18 million/$19.7 million) and Stifford Hall near Thurrock for £7.2 million (€8.6 million/$9.4 million) as part of a newly formed joint venture to pursue a hotel recovery portfolio strategy.

These acquisitions form the second tranche of acquisitions for its fourth value-add fund, FREP IV. Previously, Frogmore acquired interests in Galliard Homes and three of their London residential developments for FREP IV.

With a combined total of 643 keys across the three hotels, Frogmore and their partners have committed £70 million (€84 million/$91 million) equity to the projects. Each hotel will be repositioned and rebranded or extended to maximize potential. Hilton London Olympia in particular offers extensive opportunity.

The severe impact of the COVID-19 lockdowns on the hotel industry has provided