Harcourt Developments, headed by Buncrana man Pat ‘Big Hill’ Doherty, has put the five-star Wyndham Grand hotel on the market this week.
Described as London’s only “all-suite” five-star, the Wyndham Grand, which has recently been extensively refurbished, overlooks Chelsea Harbour and is favoured by Chelsea footballers.
It includes some 160 suites, four penthouses, a restaurant overlooking a marina and a spa.
The hotel is operated Wyndham Group International.
Its sale will be led by Colliers International. This week, property sources in London said they believed the hotel, which was bought for £63 million (€75.4 m), will sell for more than £80 million (€95.7 m).
Colin Hall of Colliers told Property Week: “It is comparatively rare in London for a hotel of this scale and calibre to enter the open market and we are expecting strong interest from hotel investors from around the globe who will see this flagship property as an important addition to their portfolios.”
Rents
Chaired by Mr Doherty, Harcourt is owner of the Letterkenny Shopping Centre where a number of businesses have been forced to close recently because, they claim, the landlord is refusing to reduce rents.
Harcourt developed the Park West business park and leisure scheme in Dublin. Its other projects include Liberty Wharf in St Helier, Jersey, although its best-known development is the soon-to-open Titanic Quarter in Belfast.
The Chelsea hotel was bought in October 2006 from Lloyds TSB.
Mr Doherty fended off strong opposition for the deal from Asian businesswoman Gulshan Bhatia, who owns the Hilton London Paddington. Mr Doherty is extremely private, usually refusing requests for interviews.
While some of his borrowings have been taken into the National Assets Management Agency, it is not clear whether the loan required to buy the hotel has been acquired by the agency.
“NAMA does not comment on individual cases,” said a spokesman.
Receive quality journalism wherever you are, on any device. Keep up to date from the comfort of your own home with a digital subscription.
Any time | Any place | Anywhere
SUBSCRIBE TO CURRENT EDITION TODAY
and get access to our archive editions dating back to 2007(CLICK ON THE TITLE BELOW TO SUBSCRIBE)