Dubai-based hotelier Mohamed Galadari has made his UK debut with the £85m acquisition of the Crowne Plaza hotel in London’s Blackfriars. The 203-bedroom hotel on New Bridge Street, EC4, was sold by Italian group Statuto. It had owned the property for just 18 months, having bought it from operator InterContinental Hotels Group for £80m in January 2007. Galadari said: “I am delighted to have acquired such a prestigious hotel in the City of London with such a strong position in the market. I expect this to be the first of a number of investments in the UK.” Jones Lang LaSalle advised Galadari’s ARG Hotels Clifford Chance acted for Statuto.
– Jolly Hotels has put the 285-bedroom St Ermins hotel in Caxton Street, SW1, up for sale. The group – now part of Spanish chain NH Hoteles – is seeking £87m for the four-star Westminster hotel. The Grade II-listed building was built on the site of a 15th century monastery, and was converted into a hotel at the beginning of the 20th century. CB Richard Ellis Hotels is advising.
