Heeton Holdings and Ryobi Kiso Holdings’ joint venture company, Chatteris Developments, has completed the purchase of the entire share capital of Woodley Hotels, Kensington – the legal and beneficial owner of the 100-bedroom Enterprise Hotel in Earls Court, London.
Following the acquisition through global property adviser, Colliers International, Chatteris is looking to refurbish the property and raise the number of rooms from 100 to 120.
Chatteris, advised by Equity Growth Partners, purchased the property in an off-market deal at a guide price of £25m. Colliers International represented the sellers.
Colin Hall, head of London hotels agency at Colliers International, comments: “This was an off-market sale which generated huge interest from a number of international buyers. The sale to Heeton is testament to the strong appetite Singaporean buyers have for the London hotel market.”
Danny Low, COO at Heeton – which owns 80% of Chatteris – says: “This acquisition will strengthen our hospitality portfolio, bringing the total number of hotel rooms in our group to about 365. The group believes that the hospitality sector presents the best mid- to long-term opportunity for growth, as demand for travel accommodation continues to outstrip available accommodation in popular gateway cities throughout the world.”
Chris Nelson, director at Equity Growth Partners, adds: “We had been on the lookout for a while for a suitable London hotel property, and the Enterprise ticked all the boxes. Following refurbishment it will augment Heeton’s existing residential portfolio in London and complement their other hotel operations in Thailand and Singapore.”
