Specialist property adviser, Christie & Co, has completed on the sale of Chrysos Hotel in Paddington, one of the most popular hotel areas in the capital.
Established over 25 years ago, the hotel operates from converted Georgian properties Norfolk Square, W2 overlooking the classic London garden square. The property is very popular with leisure and corporate guests alike, benefitting from its location which has excellent links the city’s tourist hotspots.
The previous owners, the Souglis family, originally acquired one building, before purchasing the neighbouring property 10 years later. The buildings interconnect on both the lower ground and ground floor, with guests greeted within a large entrance lobby and reception area on the ground floor.
The hotel has been purchased by Touriste Collection, a French hotel group first established in Paris in 2008, who are looking to expand their portfolio in the UK market. The group plan to extensively upgrade and modernise the hotel, as well as increase the number of rooms within the property.
Andrew Evangelou, Director at Christie & Co, who handled the sale comments, “From the outset, the hotel generated tremendous interest from both UK and overseas buyers. Paddington has always been a popular area amongst hoteliers, however it has seen a high increase in demand for assets of this size of late, as the whole area is being extensively developed.”
Jeremy Jones, Head of Brokerage (Hotels) at Christie & Co, said, “We had a whole range of competitive interest in the Chrysos Hotel from both domestic and overseas buyers. Despite the very real market challenges at the moment, we are delighted to announce this important sale which underlines the continued global appeal for London hotels”.
Chrysos Hotel was sold for in excess of the guide price.
