Gresham Hotels to offload continental assets

The Gresham Hotels Group is in talks to sell its three continental European hotels for up to £53m. The company which owns the Gresham Hyde Park at Lancaster Gate, London, W2, is planning to concentrate on its Irish and British operations. The three European hotels are in: Hamburg, Germany; Brussels, Belgium and Amsterdam in the Netherlands. The prospective purchasers are Irish property developers Ronan and Frank McArdle, Scottish accountant Alan McIntosh and an Irish businessman, Ben Walsh who last year teamed up to pay £60m for the 125 year leases of three Great Southern Hotels at Dublin, Cork and Shannon airports in Ireland.