Strategic Hotels & Resorts has acquired the Marriott London Grosvenor Square from Blackstone Real Estate Partners for £103m (151m euro, US$194m).
The 236-room hotel in London’s Mayfair recently completed a £12.8m (18.8m euro, US$24m) revamp of the guestrooms and lobby areas and the creation of a Michelin-starred restaurant called Maze, which is run by chef Jason Atherton.
The acquisition is expected to complete in the third quarter of 2006.
Strategic Hotels has also purchased a 65 per cent interest in the InterContinental Hotel in Prague, Czech Republic, for £36.6m (54m euro, US$68.8m) from EU-Hotel, an affiliate of GIC Real Estate, giving it complete ownership.
The 372-room property comprises four food and beverage outlets and a 27-suite extended stay facility adjacent to the property.
The acquisition is expected to complete later this month.
Laurence Geller, CEO of Strategic Hotels & Resorts, said: “These properties are superb assets, as they provide the key elements of location, operational potential and physical improvements which we look for in acquisitions.”
Strategic Hotels & Resorts is a real estate investment trust which owns and asset manages hotels and resorts. The company currently has ownership interests in 19 properties. Details: www.strategichotels.com
