NEWS HEADLINES
DE&J Levy sell IBIS London City Hotel for £38 million on behalf Mangrove Securities Ltd
Wednesday, 23 November 2011
Acting on behalf of Mangrove Securities Ltd, Partner Simon Higgins and his team have successfully disposed of the IBIS London City Hotel for £38.35 million to Co-operative Insurance Society (CIS)
Providing a total of 348 rooms, arranged over 10 floors, with a 150 cover restaurant and bar, the IBIS London City Hotel is situated in a prime location on 5 Commercial Street in the City of London.
The hotel is operated by leading hotel group, Accor, which already operates 70 of the hotels within AXA Real Estate's managed portfolio, further expanding the relationship between them. The current rent for this hotel is £2.6 million per annum (£7,600 per room per annum), with a total of 19 years left on the full FRI lease to Accor UK Economy Hotels Ltd.
