Last checked at 19 Nov 2009 07:00
Christie + Co agrees sale of
Park Inn Hotel, Russell Square
to Crimson Hotels Group
19 November 2009
Christie + Co, the professional services division of Christie Group plc, is pleased to announce that it has agreed the sale of the Park Inn London Russell Square on behalf of administrators Ernst & Young to Crimson Hotels Group, the independently-owned hotel company, for an undisclosed sum.
Located in the heart of the capital, this 214-bedroom hotel also features 14 conference and meeting rooms as well as a selection of bars and restaurants.
Founded in 1995, Crimson Hotels currently owns and manages 11 hotels in the UK, Portugal and Dubai. Of the six UK hotels, the portfolio includes the Crowne Plaza Gatwick-Crawley and the Quality Hotel Heathrow.
Jeremy Jones, Director at Christie + Co, said: "We are delighted to have agreed the sale of this landmark hotel to Crimson Hotels. It is a superbly located, freehold opportunity, which offers great potential.
"Christie + Co carried out over 50 formal viewings of the hotel in just over a month culminating in a combined £1 billion-worth of offers. What this process clearly identifies is that there is huge demand for central London hotels from well-funded UK, Far East, Middle East and US buyers."
Enquiries:
David Rugg 020 7227 0707
Chief Executive
Christie Group plc
Philip Davies 020 7149 6000
Charles Stanley Securities
Tom Cooper 0797 122 1972
Winningtons
Notes to Editors:
Christie Group plc (CTG.L), quoted on AIM, is a leading professional business services group with 37 offices across the UK, Europe and Canada, catering to its specialist markets in the Leisure, Retail and Care sectors.
Christie Group operates in two complementary business divisions: Professional Business Services (PBS) and Stock & Inventory Systems & Services (SISS). These divisions trade under the brand names: PBS - Christie + Co and Pinders: SISS - Orridge, Venners and Vennersys.
Tracing its origins back to 1846, the Group has a long established reputation for offering essential services to client companies in agency, valuation services, investment, consultancy, project management, multi-functional trading systems and online ticketing services, stock audit and inventory management. The diversity of these services provides a natural balance to the Group's core agency business.
For more information, please go to www.christiegroup.com