MORNING NEWS: Trophies, closures and spin-offs

In the news this morning, a Qatari state-backed company is to buy the Grosvenor House hotel on London’s Park Lane, the latest in a string of acquisitions of the capital’s trophy assets. Elsewhere, the cost of closures hits Prezzo with the chain suffering a near-£200m hit on the value of assets. And IWG has confirmed that it is looking at spinning off its property portfolio to focus on franchising its flexible office space business as it revealed a double-digit hike in revenues. NEWS ROUND-UP: What will London’s offices look like in 2030? London housing market lull sinks lower McLaren to build Clapham retirement village New Look back in the black but store closures continue The grocer’s dozen fails to impress at Morrisons Free mortgage prisoners, lenders told Prezzo left to count the £200m cost of restaurant closures Sir Philip Green faces three new US harassment claims Purplebricks homes in on benefits of industry ‘shake-out’ IWG mulls property spin-off as sales rise despite ‘disappointing’ UK Qatari firm buys London’s Grosvenor House hotel