UK: The acquisition marks the beginning of a new brand of lifestyle hotels by joint venture of APG and London Central Portfolio (LCP).
APG, a pension delivery organisation based in the Netherlands, and real estate company, LCP, have joined forces in the first of a ‘programme of acquisitions’ in ‘key micro-markets in prime Central London’ to design a brand for the ‘budget-conscious business and leisure traveller’.
Harrington Hall Hotel is scheduled to reopen in spring 2022.
Robert-Jan Foortse, head of European property investments at APG, said: “APG is delighted to be able to further broaden its hospitality investment programme. The Harrington Hall Hotel in South Kensington will act as a cornerstone for a new lifestyle brand of all-suite hotels which will be located in key micro-markets across Prime Central London. This acquisition represents an attractive opportunity to gain access to a high-quality property and add value through refurbishment, innovation and repositioning to meet the needs and aspirations of today’s travellers”.
Naomi Heaton, founder and CEO of LCP, added: “London Central Portfolio is delighted to have secured the Harrington Hall Hotel in South Kensington as the first acquisition in the new venture, which is planned to open in spring 2022. LCP will be responsible for its design, development and operation and the intention is to follow this up shortly with further acquisitions across central London’s prime neighbourhoods”.
The building, which is formed of a series of terraced houses that were converted in 1991, was put on the market last year for £130 million by the Olayan Group.
Olayan Group acquired the hotel from NH Hotels in 2014 for £90 million.