Bank puts final Graces under the hammer

23 June 2004
Bank puts final Graces under the hammer

Investment bank Lehman Brothers has put its final four Grace Hotels up for sale. The hotels, which were part of a larger group of 29 former Thistle hotels bought by the bank in 1998, will be auctioned through property consultant Nelson Bakewell at the Langham hotel in London on 5 July.

The properties have been managed by Peel Hotels since their acquisition, but chairman Robert Peel said that the company had already accounted for the loss.

He added that, as Peel knew the hotels well already, he would buy them "if the price was right" or would continue to manage them if the new owners employed the hotelier to do so.

Source: Caterer & Hotelkeeper magazine, 24 June 2004

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