Far East Consortium International Limited (FEC) has completed on the sale of the Dorsett City London Hotel in Aldgate for £115m.
The sale has been dubbed ‘London’s largest hotel deal this year to date’ and sees new owners Cerberus Capital Management and hospitality management and investment firm Highgate take over the 267-bedroom hotel.
The transaction was first announced on 15th June 2021 and has resulted in a sizable disposal gain of approximately £50m.
DHI Hotel Management UK Ltd, a wholly-owned subsidiary of FEC, has entered into a hotel management agreement with Dorsett City London Limited, operate the hotel.
Ms. Winnie Chiu, JP, executive director of FEC, president and executive director of Dorsett Hospitality International Limited said: “We are pleased to have completed the sale in a short period of time. We are confident about the recovery of the hotel business in the foreseeable future and remain committed to recycling capital to further expand our footprint worldwide as well as becoming a leader for sustainable travel.”
Dorsett Hospitality International Limited will also launch a new aparthotel concept, Dao by Dorsett in West London in Q4 this year. A second Dao will open in the newly-refurbished Hornsey Town Hall in 2023.
FEC operates 31 hotels with a total of approximately 8,100 rooms, located in Hong Kong, Mainland China, the United Kingdom, Australia, Singapore, Malaysia, Germany, Austria, and Czech Republic.
FEC has 13 hotels in the development pipeline, and once all the hotels become operational, FEC will own 44 hotels, operating a total of approximately 11,350 rooms.