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Millennium & Copthorne Hotels is to add to its London portfolio with the purchase of an existing hotel in Chelsea Harbour for £65 million.
The UK-based company said it had secured the leasehold for the hotel, currently known as the Wyndham Grand London Chelsea Harbour, from Irish development firm Harcourt Developments. The deal is expected to be completed in the first three months of 2014.
The property, which is located on the river Thames and is part of the Chelsea Harbour development, features154 suites and four penthouses, as well as meeting space including a ballroom that can host conferences for up to 800 people.
The acquisition will increase Millennium & Copthorne’s presence in London to eight properties. The company’s existing hotels include two properties at Chelsea Football Club’s Stamford Bridge ground, as well as the Millennium Hotel London Mayfair and Copthorne Tara Hotel London Kensington.
Kwek Leng Beng chairman of Millennium & Copthorne, said: “We are delighted to be acquiring this property which will fit very efficiently into our existing portfolio of London properties.
“The Chelsea Harbour is one of the few hotels in the city to offer all-suite guest accommodation and is situated in a prestigious riverside area that will be going through further transformation and improvement in the near future.”