Kensington Close hotel on market for £350m

Located close to Kensington High Street, the hotel is being sold by Cola Holdings, which also owns the five-AA-star, 246-bedroom Westbury hotel in Mayfair.

Kensington Close underwent a £45m refurbishment in 2012 and today features the Boulevard restaurant, a health club and spa with a swimming pool and gymnasium, and 12 meeting rooms.

The marketing of the hotel comes a year after Cola Holdings sold the 170-bedroom Kingsway Hall hotel in Covent Garden to Shiva Hotels.

In the year to 30 September 2014 (prior to the sale of Kingsway Hall), Cola Holdings achieved a pre-tax profit of £11.2m on a turnover of £51.9m.

Cola Holdings is headed by managing director Asad Cola, who took over the running of the business from his father Bakir in 2005. Bakir Cola came to the UK when Saddam Hussein took power in his native Iraq.

Kensington Close is being jointly marketed by Savills and CBRE.

Covent Garden's Kingsway Hall hotel sold to Shiva Hotels >>

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