Radisson Edwardian is to extend its presence on London’s Leicester Square, WC2, with the acquisition of the Odeon West End site.
The hotelier exchanged contracts last week. It was widely believed to be the only possible buyer left in the running for the 0.47-acre prime development plot after agreeing a deal last November with owners Nama and Tamarin/Real Estate Solutions to swap its right to light claim for more than 20,000 sq ft at the site.
This gave Radisson Edwardian a 999-year lease on a block in which it could develop a 77-bedroom hotel. Plans for a 215,000 sq ft Make-designed leisure scheme got consent in 2008.
Other bidders said the move had made it “a lot less attractive”.
Exemplar Properties, Criterion Capital and Soho Estates, London & Regional, Gracemark, and hotel group Hilton Worldwide had all made approaches for the site.
Radisson is rumoured to have paid £100m for the site.
Paul Mansi, chief operating officer at Radisson Edwardian, said: “Leisure experiences are at the heart of the company’s DNA and we are keen to create new and exciting offerings for the local market and the myriad visitors to the city. The acquisition, and our ambitious plans, will create jobs in the area and put the spotlight firmly back on the revitalised Leicester Square. Details of our plans will be unveiled in the coming weeks.”
Allsop was appointed receiver on the site by Nama in April 2011.
DE&J Levy acted for Tamarin/RER; CBRE and Knight Frank were selling agents.
joanna.bourke@estatesgazette.com
