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Hotel operator Splendid Hospitality has invested in a “substantial” 100-year lease extension of its hotel in Bloomsbury from The Bedford Estates for £22m.
The deal will allow Splendid Hospitality to deliver a “significant” capital investment into a landmark hotel building and enhance its hotel offering in Central London.
The Bedford Estates is the largest property owner in Bloomsbury. It has actively managed a varied portfolio of commercial and residential properties as well as streets and garden squares in the area for the last 350 years.
Simon Elmer, steward of The Bedford Estates, said: “Our focus is on the long-term sustainability of Bloomsbury and its community. This level of investment from such a notable hotel operator only serves to strengthen our purpose. We look forward to seeing how Splendid Hospitality’s plans evolve.”
Nadeem Boghani, owner of Splendid Hospitality, added: “This deal signals a significant investment opportunity for Splendid Hospitality and further strengthens our versatile development plans in key markets in the UK. Bloomsbury is a thriving part of London, and we have exciting plans to turn this iconic building into another striking member of the Splendid Hospitality portfolio.”
William Kirkpatrick, head of Hotels at Gerald Eve, concluded: “Acting for the Bedford Estates we have seen how they are committed to working with strong hotel operators in Bloomsbury. This location is one of the most fantastic areas of London and I am looking forward to seeing what Splendid Hospitality do going forward for the next hundred years.”
Head of Hotels and Extended Stay, partner, William Kirkpatrick and senior associate, Jonathan Clegg at Gerald Eve advised The Bedford Estates.
