London & Regional has beaten Gerald Ronson to buy the freeholds of four Accor hotels.
Ian and Richard Livingstone’s L&R paid just under £61m for the UK properties. They now own 25 Accor hotels in the UK, worth in excess of £100m, and a further 36 overseas.
Ronson bid for the hotels through the £250m HerAx fund launched by Heron Corporation and Axa Sun Life last January. It already owns three Accor hotels worth £40m.
The latest portfolio is made up of an Ibis in Leeds, Novotel in Edinburgh and two hotels at the ExCeL centre in London’s Docklands. L&R will lease them back to Accor for 25 years.
L&R director Daniel Poser said hotels would remain one of L&R’s key investment sectors.
References: EGi News 24/01/05
