Regal Hotels is getting ready to lash out £64m refurbishing its portfolio of hotels.
Some £30m will be spent over the next year refurbishing its hotels. These comprise Forte’s old White Hart chain, acquired from Granada for £122m, and Whitbread’s Country Club hotels, bought for £64.5m.
Regal is investing another £11.5m in the acquisition of the 402-bedroom Plaza on Hyde Park. The company is buying the hotel for £45m in a joint venture with Regent Corporation, a US company which is linked to Malayan United Industries. Regent has agreed to invest £39.3m for a 20% interest in Regal.
- Financial Times 15/10/97 page 22
- The Times 15/10/97 page 29
- The Daily Telegraph 15/10/97 page 33
