Hotels and hospitality group Queensway has announced the acquisition of The Sloane Club, an exclusive private members club in Chelsea for £80.6m.
The deal was made yesterday and saw Queensway and Clearbell Capital join forces to purchase the property from Caledonia Investments.
Going forward, Queensway will oversee the management and development of the Club on behalf of a joint venture between JK Chelsea Holdings Limited, an affiliate of Queensway and afund managed by Clearbell.
The Sloane Club has 3,700 members and provides a range of facilities including lounges, casual and formal dining, a bar, spa, meeting rooms and over 130 bedrooms.
Under Caledonia’s ownership, there has been significant investment to extend and improve standards and facilities.
Now Queensway intends to retain the existing management of The Sloane Club with a plan to undertake significant capital expenditure into the Club, including enhancing the food and beverage offering and renovating the ground floor areas.
Naushad Jivraj, CEO of Queensway Group said: “The Sloane Club is an iconic club based in an elegant building in an attractive location with a wonderful loyal membership. We intend to respect the history and heritage of the club and to maintain the existing service for members as we invest to further enhance and upgrade the facilities over time. We see tremendous potential to develop a unique offering for people who wish to enjoy an exclusive members’ club environment in this location.”
Rob Mills, partner of Clearbell Capital said: “We have a strong track record of investing in and improving UK assets. The history of The Sloane Club and its considerable potential set it out as an exceptional investment opportunity. We are conscious of our responsibilities as custodians of this historic London club and we will be supporting the plans to enhance the offer for members. We are delighted to be working with Queensway as they have a long track record in the hospitality business”