Thistle Hotels is claiming that a building worth £500,000 was mistakenly included in a portfolio that it sold to Land & Equity (L&E) Holdings for £1.8m.
The hotel chain is now asking the High Court to order “rectification” of its agreement to sell the portfolio.
Thistle’s writ claims that, last October, it instructed agent Montagu Evans to sell five terraced houses in King’s Cross Road and Granville Square, in north London, which were formerly used as staff accommodation for the nearby Euston Hotel and Ryan Hotel.
According to the writ, Thistle accepted an offer of £1.85m for the properties from L&E, which was later reduced to £1.81m.
The writ further claims that, by mistake, an additional property – used to house two of the Ryan Hotel’s conference centres, together with land used for storage and service facilities – was included in the transaction.
Thistle says that the sale agreement did not accurately reflect the parties’ true intentions and agreement and is asking the court to rectify the agreement by excluding the disputed property – worth £500,000 – from the deal.
EGi News 13/08/02
