Harte Holdings-owned hotel sold in £10m deal
Published 11/04/2011 | 05:00
An upmarket London boutique hotel, owned by Cork firm Harte Holdings, has been sold to an Indian conglomerate for an undisclosed amount, but thought to be in excess of £10m (€11.3m).
The Royal Park Hotel, near Hyde Park, was one of a trio of London boutique properties acquired by Harte Holdings, which is headed by former dentist Barry Harte, in 2006.
The three properties, which also included the Cranley Hotel and the Elizabeth Hotel, were then sold by Artesian Property Partnership for a combined £30m. Barcelona-based group Stein Group sealed a deal with Harte Holdings to manage the properties.
The Royal Park has now been offloaded to the Bird Group, based in New Delhi, which is also involved in education, aviation and retail sectors. It is planning to build five luxury hotel resorts in India between now and 2013, with the first of its properties slated to open later this year. The Royal Park Hotel is its first international operation.
"We plan to refurbish the hotel in the next few months, targeting the huge rush of guests expected for the 2012 Olympics in London," said Bird Group executive director Ankur Bhatia last week. "We would be targeting high-end Indian travellers, as London is by far the single largest tourist destination for Indians travelling overseas."