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Grange hotels to be rebranded after £1bn sale to Queensgate Investments
By: The Times
A group of four luxury hotels in London are to be sold in a deal worth almost £1 billion in which the properties will be rebranded under the five-star Leonardo flag.
The Times has learnt that the Grange hotels in the City, Holborn, St Paul’s and Tower Bridge with a total of 1,300 rooms are being sold to Queensgate Investments, the owner of the Generator hostel chain and the 906-room Kensington Forum hotel.
The sale, on which HFF Securities has been advising, is said to have elicited interest from a number of international property investors and sovereign wealth funds, with a joint bid from CBRE Global Investors and Aprirose understood to have been the underbidders.
The four properties are being sold by the billionaire Matharu family, who first started reviewing strategic options three years ago.
The protracted nature of the process is understood to have been due to a combination of a family