O&H Properties has sold its 35-bedroom Hempel hotel in Craven Hill Gardens, W2, for £16.5m to a consortium of Irish investors led by hotelier Michael McBride.
The hotel and six associated flats nearby were put up for sale by O&H Properties in December last year. The move follows the group’s decision to concentrate on its property investment and development business.
The Hempel was opened by designer Anoushka Hempel in 1997 and was bought by O&H for £10m in 2003.
Experts said the price achieved for the hotel, which makes a net profit of £1.5m a year, reflected the strength of the hotel property market at present.
Knight Frank acted for O&H. Millar Kitching represented the purchaser.
References: EGi News 14/03/05
