Business Irish

Saturday 24 February 2018

NAMA sells Leicester Square Odeon to hotel group

The Odeon cinema in London's Leicester Square
The Odeon cinema in London's Leicester Square

Graham Ruddick

THE National Asset Management Agency has sold the Leicester Square Odeon, one of London’s most famous cinemas, to Radisson Edwardian.

The hotel group is understood to have paid around €120m for the site, which has planning permission to be redeveloped into a modern two-screen cinema, 245-bedroom hotel, restaurants and apartments.

The cinema holds one of the biggest screens in the UK and is regularly used for premieres.

The Odeon site was previously held by a trio of investors, Pat Chesser, Pat Whelan and Paul Hanby.

Allsop was appointed as receiver to the site last year and a sale process was launched. Jon Gershinson, a receiver for Allsop, said sites like the Odeon “rarely come to the market”.

Radission Edwardian said it would unveil its plans for the site in the “coming weeks”,

Paul Mansi, chief operating officer at subsidiary Edwardian Group, said: “Edwardian is delighted to have the opportunity to be involved in the further development of this landmark square in London.

“Leisure experiences are at the heart of the company’s DNA and we are keen to create new and exciting offerings for the local market and the myriad visitors to the city.

“The acquisition, and our ambitious plans, will both create jobs in the area and put the spotlight firmly back on the re-vitalised Leicester Square.”

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