Category : Commercial Transactional
A deal which will see a hotel in central London transformed into a luxury 160-room venue has been confirmed.
The commercial investment has been made by Israeli hotel and property development firm Alrov to buy up the 125-year lease on the Cafe Royal's block on Regent Street from Crown Estates, Property Week reports.
Georgi Akirov, managing director of Alrov, commented: "This is an exceptionally exciting opportunity to develop a world-leading hotel in one of the world's leading tourism destinations."
The company had previously made an unsuccessful bid for Somerset House on the Strand.
Another hotel company expanding its portfolio is Zeus Private Equity, Crains Manchester Business reports.
The firm is making four additions to its Hallmark Hotel portfolio with two premises in Derby, plus one each in Bournemouth and Carlisle at a combined cost of £25 million.
It has said it intends to make more additions over the course of this year.
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