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Queensgate Investments buys London hotel portfolio for £1B

Queensgate Investments LLP bought a portfolio of London hotels from Grange Hotels for about £1 billion, Property Week reported.

The four properties are Grange St Paul's, Grange Tower Bridge, Grange City and Grange Holborn.

The hotels total 1,345 rooms and span 930,000 square feet.

Queensgate financed the acquisition with a fully underwritten debt facility from Société Générale, The Carlyle Group and Cheyne Capital, according to the March 15 report.

The buyer has a deal in place with Fattal Hotel Group to run the hotels. Fattal plans to refurbish the properties and reposition them under its Leonardo Royal and NYX brands, the publication added.

Brown Rudnick and EY advised Queensgate. HFF Securities was the exclusive financial adviser to Grange.