Gloucester Capital acquires The Portman Hotel

6 December 2006

Gloucester Capital, a new company created for the transaction, is pleased to announce that it has acquired the 4 star Portman Hotel, London for an undisclosed amount. Christie + Co advised Gloucester Capital on the acquisition of this leasehold property, which currently has 80 years of the lease unexpired.

The Portman Hotel is one of London’s most famous hotels, located in the heart of the West End and close to many of London’s major landmarks. It has 272 rooms and is situated in a prime position. It also offers one of the largest conference and banqueting facilities in London.

Radisson SAS will continue to operate the hotel and it is anticipated that an extensive refurbishment will be carried out.

Gloucester Capital is owned by the people behind Admiral Taverns. The purchasers have been active in the hotel market in the last 2 years, having acquired 10 Queens Moathouses, the St James Club in Mayfair, 24 hotels from Corus Hotels and two hotels in Berlin.

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For further information on this press release, please contact: Lorna Byrne at Christie + Co. Tel: 020 7227 0797 or 07734 856836. lorna.byrne@christie.com