LONDON--(BUSINESS WIRE)--HFF Securities Limited (HFFS) announces that it acted as exclusive financial adviser on the sale of four London hotels for Grange Hotels for approximately GBP 1 billion.
Grange Hotels is one of London’s largest privately-held hotel companies which, following the transaction, will own and operate 13 hotels, primarily in Central London. The four hotels sold are the Grange St Paul’s, Grange Tower Bridge, Grange City and Grange Holborn. The hotels comprise 1,345 rooms across 930,000 square feet and were sold without franchise or management contracts. The four upscale hotels have significant meeting and conference spaces as well as boasting high-quality spa and leisure facilities, including swimming pools.
The buyer was Queensgate Investments, a private equity firm with a significant track record in hotel transactions. Following the transaction, the hotels will be operated by the Fattal Hotel Group, which operates more than 200 hotels in 18 countries.
HFF has been the exclusive financial adviser to Grange Hotels since December 2016 and has engaged with legal and tax advisers to restructure the company and subsequently sell its largest assets.
The HFF team that advised the seller was led by senior managing directors Rajan Somchand and David Church and senior director Edward Bradford.
“This marks the culmination of more than two years of work that started with strategic review then the restructuring and then the sale process itself,” Somchand said.
“We had to take many widely-differing commercial, legal and stakeholder objectives into account when designing this process, and it highlights HFF’s ability to deliver on the most complex corporate finance assignments,” Bradford added.
“We were confident that the market would understand the scarcity value of these unencumbered London freehold assets and we were rewarded with very strong bidder interest,” Church said. “We are delighted with the outcome for our client.”
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.