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Birmingham’s Paragon Hotel sold

The Paragon Hotel in Birmingham is in line for redevelopment after being bought from administrators BDO by an Iraqi investor.


The 250-room Grade II-listed hotel was bought for around £5m by Namir Al Akabi.


Al Akabi, who is reportedly worth £1.3bn, built up the Baghdad-based Almco group of companies after the war in Iraq in 2003.


The property subsidiary of Almco, Amwaj International, completed the purchase of the Paragon.


Gavin Wright, director of Christie + Co, which advised BDO on the sale, said: “This imposing Victorian gothic building was previously part of the Dhillon Hotels group, and generated enormous interest resulting in a highly competitive, best and final, offers process.


“We understand that the new owner plans to breathe some further life into this fine hotel with a full refurbishment, which should guarantee its success well into the future.”


nick.whitten@estatesgazette.com


 

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