London hotel on the market for more than £350 million

In London, the Kensington Close Hotel is on the market for an estimated price of more than £350 million.

Savills and CBRE have reportedly been appointed to sell the hotel after Cola acquired the freehold to the property back in 2002 for £70 million in a purchase from InterContinental Hotels Group.

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Owned by Kurdish businessman Bakir Cola, the hotel has more than 708 rooms and is located close to High Street Kensington close to a tube station. In addition to Kensington Close, Cola has owned Kingsway Hall and The Westbury.

EY's global hospitality report, released at the beginning of 2015, suggested that 2015 would be a strong year for the industry thanks to growth and increasing levels of innovation and demand. In conjunction with this, M&A activity in the sector has seen solid year-on-year growth and is expected to continue at a healthy rate.

 

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The planned acquisition comes on the heels of two other significant investments the hospitality group recently made in Hawaii.

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