Park Inn by Radisson at Heathrow sold for around £72m

The four-AA-star, 895-bedroom Park Inn by Radisson has been sold out of administration to property management company AXA Real Estate for around £72m.

Located on an 11.5 acre site, the property was sold on behalf of Zolfo Cooper, the administrator of Dania Properties Heathrow, at a yield of 5.9%.

A £13m refurbishment of the hotel will now be undertaken by Rezidor Hospitality, which has a lease on the property of more than 20 years.

Michelle Webb, director of hotels at Savills, the property agent which conducted the sale, said: "Park Inn is the closest hotel to terminals 1, 2 and 3 at London Heathrow, the busiest airport in the UK. Its location, combined with a strong covenant to Rezidor made it an attractive investment and the strength of the asset is reflected in the price achieved."

The hotel incorporates a conference centre, which can accommodate up to 700 delegates, and has parking for 450 cars.

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