A Singaporean consortium has bought the Crowne Plaza London Kensington hotel, SW7, for £84.3m.
The consortium is led by developer Heeton Holdings, which holds a 60% stake in the freehold hotel, while remaining partners, contractors KSH Holdings and Ho Lee Group, each have a 20% stake.
The 163-bedroom hotel, which was refurbished in 2015, will be managed by Intercontinental Hotels Group.
Heeton Holdings now has eight hotels in the UK. Commenting on the acquisition, chief executive Eric Teng said: “This acquisition reaffirms Heeton’s intention to be a strategic player in the international hospitality sector.
“Given the enterprise value associated with the transaction, as well as the growth potential of the UK hospitality market, we believe this acquisition will add value to our current portfolio.”
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