Queensgate Investments acquires Four Grange Hotels for £1b

Queensgate Investments has completed the acquisition of the Grange St Paul’s EC4, Grange Tower Bridge E1, Grange City EC3, and Grange Holborn WC1 for £1 billion ($1.33 billion).

The portfolio was sold by Grange Hotels, one of London’s largest privately held hotel groups which, following the transaction, will own and operate 13 hotels, primarily in Central London.

The portfolio comprises 1,345 Central London rooms, around 930,000 square feet of real estate. The four upscale hotels have significant meeting and conference space as well as offering high-quality spa and leisure facilities including swimming pools. The four hotels will undergo an extensive renovation plan and will be flagged by Queensgate’s Leonardo Royal and NYX brands

Queensgate has an agreement with Fattal Hotel Group, a €2 billion ($2.3 billion) hospitality company with 200 hotels across 18 countries, to manage the assets. Fattal Group will implement rolling refurbishment