APG and London Central Portfolio (LCP) have acquired the Harrington Hall Hotel in South Kensington with plans to build a new London-based hotel brand.
Although the final price has not been disclosed, offers in the region of £130 million were sought when the hotel entered the market last year.
The partners have revealed that they intend to purchase additional hotel sites as part of the joint venture, with a view to establishing a new Central London hotel brand aimed at budget-conscious travellers.
According to Robert-Jan Foortse, APG head of European property investments, “This acquisition represents an attractive opportunity to gain access to a high-quality property and add value through refurbishment, innovation and repositioning to meet the needs and aspirations of today’s travellers… With our partner, LCP, we intend to create a new type of accommodation for the prime central London market which is cutting edge in terms of place-making, whilst also promoting the highest standards in environmental and social responsibility.”
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