Chelsea to sell Millennium and Copthorne hotels before rebranding to Lyf

Chelsea Football Club is to sell the Millennium and Copthorne hotels next to Stamford Bridge after its plans were sanctioned by the Premier League.

The hotels, which are due to be rebranded to Lyf properties, will be sold to a sister company for £76.5m in order for the club to comply with profit and sustainability rules.

They will change ownership from Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd, two companies that are under the control of Chelsea owners Todd Boehly and Clearlake Capital.

The sale price will allow Chelsea to reduce its losses from £166m to £89m and avoid sanctions triggered by profit and sustainability rules. Premier League clubs are currently permitted maximum losses of £105m over a three-year period.

In July Citadines-owner Ascott Limited announced plans to take management of the 232-bedroom hotels and rebrand the properties as its first Lyf hotel in the UK by the end of 2025.

Ascott’s chief commercial officer said Lyf was chosen over its 13 other brands because of its “strong appeal with the younger demographic” and its “experience-driven” offering.

The Lyf brand was created in 2016 and started in Singapore before expanding into Europe for the first time last year. It now operates in 21 cities and is aiming to reach 150 sites by 2030.