Following its fall into administration in early 2017, the Greenwich Peninsula Hotel has been acquired by hotel and investment company Nine Group from fixed charge receivers.
The site, located in the heart of the Greenwich Peninsula, currently is home to 50 bedrooms, and planning will now be submitted to extend the part-built six-storey hotel, which will hold a three-star rating.
Originally sold to a group of 50 buy-to-let investors, the hotel build was abandoned when Conqueror Holdings Limited fell into administration as a result of a failed joint venture between Zeeshaan Shah of property investment company One Capital and Cherif Investment Properties.
Grant Thornton Limited were appointed as joint administrators of Conqueror Holdings Limited (in administration) and Nine Group acquired the incomplete site, with plans to complete and extend the capacity of the hotel.
Upon the announcement of the acquisition, director of Nine Group, Vivek Chadha said: “I am delighted to be able to complete the build of this hotel, which has been standing incomplete in the centre of the Greenwich Peninsula for over 2 years, causing consternation to local residents and visitors alike. Located in close proximity to the world-famous O2 Arena,the hotel is at the centre of the redevelopment of the Greenwich Peninsula, ensuring our guests will be at the heart of this exciting new district and able to enjoy all it has to offer.”
The Nine Group portfolio consists of a mixture of residential and commercial property, plus hotels including the Novotel London Heathrow airport, Mercure St Albans Noke Hotel, Holiday Inn London Watford Junction and the recently acquired Trafford Park hotel in the centre of Manchester.