A hotel acquisition in London has highlighted the demand from overseas investors to make the move into the UK hospitality industry.
The £3.5m sale of Russell House Hotel to Hong Kong-based investors further demonstrates the appeal of the London market to companies across the globe, with the new owners now planning to refurbish the venue and reposition it in the boutique hotel sector.
The Grade-II listed property is situated in Bloomsbury in the capital and is home to 11 bedrooms arranged over four floors, a breakfast room for 20 covers and a manager’s kitchen and office.
Having owned and operated Russell House Hotel since 1979, the Chiesa family decided to sell the hotel to retire, completing the purchase by way of share transfer.
Andrew Evangelou, director at Christie & Co, handled the sale and comments, “The hotel attracted a lot of interest especially from overseas buyers looking to invest in a hotel so well located. The new owners saw the huge potential to transform the business and plan to invest further in it to create a boutique style venue, taking advantage of the demand for hotels of this kind in the area.”