Great Eastern hotel sold

16 February 2006
Great Eastern hotel sold

London's Great Eastern hotel has been sold to Global Hyatt Corporation for an undisclosed sum, it was confirmed yesterday.

After weeks of speculation, the Great Eastern's co-owners Conran Holdings and Blackstone Real Estate advisors revealed they expect the deal to complete in March.

The 267-bedroom hotel will continue operating as the Great Eastern until December this year but will be rebranded as a Hyatt in January 2007.

Conran Holdings is expected to continue its involvement with the restaurant and private dining operations following the sale.

Des Gunewardena, chief executive of Conran Holdings said the Great Eastern had been an "excellent investment" for the group and that the sale would release cash for shareholders and enable the company to invest in new ventures.

He added: "The Great Eastern is a wonderful hotel and I am pleased that when ownership passes from Blackstone and ourselves, that it will be to as high quality and globally respected a hotel group as Hyatt."

Blackstone and Conran were advised in the sale by Molinaro Koger and Jones Lang LaSalle Hotels.

By Emily Manson

Get your copy of Caterer and Hotelkeeper every week -

Sudoku Join the craze and play Sudoku online!
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking