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SINGAPORE (April 14): A consortium led by Heeton Holdings has fully acquired LC London, which owns the Crowne Plaza London Kensington hotel in London, UK, for £84.3 million ($148.9 million).
AF Global, who in Dec last year announced it was selling full ownership rights for Crowne Plaza London Kensington for some £84.4 million in cash, is the former owner of LC London. It is also a subsidiary of SGX-listed companies Aspial Corp and Fragrance Group.
According to the respective equity percentages owned by each consortium partner, Heeton now owns a 60% stake LC London as well as in the hotel, with its consortium partners KSH Holdings and Ho Lee Group owning a 20% stake each.
Crowne Plaza London Kensington is located on nearly one acre of land in the Royal Borough of Kensington & Chelsea, with substantial frontage onto Cromwell Road.
The 163-key hotel houses a restaurant, a bar, a fully equipped gym, as well as conference and events facilities.
Given that it was recently refurbished in 2015, the hotel offers enhancement potential to create value and generate revenue growth, say the three consortium partners in a joint statement on Sunday.
The acquisition also marks Heeton’s largest one to date, bringing the group’s portfolio of total operating hotels and hotels in the UK to 12 and 8, respectively.
“This acquisition reaffirms Heeton’s intention to be a strategic player in the international hospitality sector. Given the enterprise value associated with the transaction, as well as the growth potential of the UK hospitality market, we believe this acquisition will add value to our current portfolio,” says Eric Teng, CEO Heeton.
Choo Chee Onn, executive chairman and managing director of KSH, adds: “With its strategic location in the thriving business and tourism hub of London, offering convenience and excellent connectivity, this quality hospitality asset will resonate well with travellers.”
Shares in Heeton and KSH closed on Friday at 47 cents and 56 cents, respectively.