A central London hotel has been sold in a deal through Christie + Co to a French hotel group keen to expand in the UK.
The Chrysos Hotel in Paddington was previously owned by the Souglis family, who originally acquired one building over 25 years ago, before purchasing the neighbouring building a decade later.
It has now been sold to Touriste Collection, a French hotel group first established in Paris in 2008, which is now looking to expand its portfolio in the UK market.
The group plans to extensively upgrade and modernise the hotel, as well as increase the number of rooms within the property.
Despite the difficult climate, The Chrysos Hotel generated ‘tremendous interest’ from both UK and overseas buyers, according to Andrew Evangelou, director at Christie & Co who handled the sale.
Jeremy Jones, head of brokerage (Hotels) at Christie & Co, added: “We had a whole range of competitive interest in the Chrysos Hotel from both domestic and overseas buyers. Despite the very real market challenges at the moment, we are delighted to announce this important sale which underlines the continued global appeal for London hotels.”
Chrysos Hotel was sold for in excess of the guide price.