Cola Holdings Ltd. has sold to Shiva Hotels the landmark, 170-room Kingsway Hall Hotel in London’s Covent Garden for £96m (US$154 million). A further £15m (US$24 million) has been committed to refurbish the property and add 20 deluxe guestrooms.
Shiva has rapidly become one of London’s most prolific hotel developers with more than 2,000 rooms under operation or development in the capital with an appetite to do more. It operates hotels under the Hilton, Hampton by Hilton, Holiday Inn and Ramada brands, including the 350-room London Hilton Terminal 5.
”We realized we had stiff competition given the quality of this asset,” said Rishi Sachdev, managing director of Shiva Hotels. “We plan to carry out a major refurbishment of the property and increase bedroom numbers. We are very excited by the potential to rebrand and reposition this hotel in the market.”
Kingsway Hall has been owned by the Cola family since 1991. Their hotel portfolio also includes the Westbury and Kensington Close hotels in London.