UK: The 68-bedroom Victoria Backyard Lodge in London’s Paddington will endure a refurbishment and repositioning to a four-star boutique property.
Abroad traders Prima acquired the resort from Property Funding (Improvement) Restricted. It was marketed by Colliers at a decreased asking value of round £20 million.
Initially two Victorian household houses, the location was transformed right into a resort within the Sixties. Impartial resort administration firm Capilon Motels will function the brand new property.
Richard and Mark Breen from Capilon stated: “We’re delighted to have secured this property with our companions Prima who recognise the energy of the London hospitality market. Westbourne Terrace gives that conventional London look, with the chance to create a contemporary boutique resort expertise for home and worldwide guests. It’s anticipated that we can announce an official reopening subsequent 12 months.”
Colin Corridor, director of London resorts company at Colliers, who dealt with the sale, added: “The fantastic thing about 100-102 Westbourne Terrace has at all times been the chance to accumulate a strong, clean canvas resort asset which is properly situated for all the principle vacationer locations of central London, and in addition simply accessible for worldwide travellers. The London market is certainly returning to upswing and we’re seeing each worldwide and home funding recognising the long-term energy of the capital’s hospitality market.”
