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January 12, 2011

Westfield Sells Two London Hotels

Westfield Group has sold two hotel developments in Stratford, London, UK, for £50m ($77.8m) to ES Properties (Stratford), a joint venture between Cycas Capital Hotel Partners and Patron Capital. The sale involves a 188-bed Holiday Inn hotel, which is the official hotel provider of the 2

By cms admin

Westfield Group has sold two hotel developments in Stratford, London, UK, for £50m ($77.8m) to ES Properties (Stratford), a joint venture between Cycas Capital Hotel Partners and Patron Capital.

The sale involves a 188-bed Holiday Inn hotel, which is the official hotel provider of the 2012 Olympic Games, and a 162-bed Staybridge Suites hotel.

Cycas Hospitality, a subsidiary of the joint venture, will operate the hotels under the franchise agreement with Intercontinental Hotels Group.

Westfield will build the hotels, which are planned to open ahead of the Olympic Games.

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