Millennium & Copthorne Hotels has announced that it is to extend its global hotel portfolio and has entered into a conditional purchase agreement with subsidiaries of Harcourt Developments Limited, an Ireland-based development company, for the acquisition of the leasehold interest in a hotel located within the Chelsea Harbour mixed-use development in London, SW10 0XG, and its related hotel assets.
The Hotel is a luxury property that borders the River Thames and offers 154 suites and 4 penthouses. The primary lease to be acquired has a remaining term of approximately 98 years.
The purchase price for the Hotel is £65 million, subject to standard purchase price adjustments, and completion of the acquisition is expected to occur during the first quarter of 2014.
M&C Chairman Kwek Leng Beng said, “We are delighted to be acquiring this property which will fit very efficiently into our existing portfolio of London properties. The Chelsea Harbour is one of the few hotels in the city to offer all-suite guest accommodation and is situated in a prestigious riverside area that will be going through further transformation and improvement in the near future.”