The Jurys Doyle Hotel Group has announced the acquisition of a property in central London for which it has received planning permission for a 170-bedroom four-star hotel.
The estimated cost of the Central Hotel after refurbishment is £23 million sterling (€14.9 million), representing £135,300 sterling per room. The announcement comes a week after the merger of the Jurys and Doyle hotel groups was approved by Jurys shareholders and brings the number of rooms owned by the merged entity in London to just under 1,000.
The Central Club, on Great Russell Street, is a 90,000 sq ft freehold property designed and built in 1932. Its architect, Sir Edwin Lutyens, is considered one of the most important English architects of the early 20th century.
It is a grade II building originally used as a charitable institution but more recently as a hostel. Great Russell Street is adjacent to Covent Garden, Bloomsbury and Oxford Street.
Group chairman Mr Walter Beatty made the announcement at the opening of Jurys Manchester Inn, a £15.6 million sterling, 265-bedroom inn at Great Bridgewater Street, close to Manchester's new international conference hall and exhibition centre.
"We are very pleased to have secured a highly attractive building in a superb central site," Mr Beatty said of the London acquisition. "It enhances our presence in the important London market, adding to Jurys Kensington Hotel, the Clifton Ford off Oxford Street and Jurys London Inn in Islington."
"London is a year-round market and our ability to sell into London from our central reservations system and from our network of hotels together with the cross-selling opportunities within London make this a very attractive acquisition." The acquisition and development costs will be funded through borrowings.
