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Grosvenor for sale; three other properties may be taken over by government agency
Royal Bank of Scotland Group PLC has put London's landmark Grosvenor House Hotel up for sale, and three other high-profile properties in the city – the Maybourne Hotel Group's Berkeley, Claridges and Connaught hotels -- may wind up being controlled by the Irish government's National Asset Management Agency (Nama).
The Grosvenor House Hotel, a five-star establishment with 420 rooms and 74 suites over eight floors, is operated by JW Marriott Hotels and Resorts, which has an operating lease of some 30 years. The property recently underwent a major renovation. Dow Jones News Wire reports the bank has tried to sell the hotel before, with a number of Middle East players reportedly interested.
Meantime, The Irish Times reports that in addition to the Maybourne properties in London, the first batch of properties earmarked for Nama will also include five well-known Irish hotels: the Shelbourne, the K-Club, the Ritz-Carlton hotel in Wicklow, and the Radisson and G Hotel in Galway. All these establishments are linked to top developers whose multi-billion-euro portfolios will form the first wave of loans being moved into Ireland's state's asset recovery agency, the Times reports.
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