Arora sells freehold of Sofitel London Gatwick
The Arora Group has sold the Sofitel Gatwick North Terminal hotel to asset management company Schroders, which has acquired the 518-bedroom property on behalf of a joint venture between BAE Pension Funds and Immobilien Europa Direkt.
The hotel, which has changed hands for a reported £150m, will continue to be operated by Arora Hotels, with refurbishment plans in place for the property.
Stéphane Obadia, head of investment at Schroder Real Estate Hotels, said: "With some exciting refurbishment works planned for the property, we will be happy to support the hotel in further developing the superior position it has gained in the Gatwick market."
A spokesperson for Arora said: "The Arora Group confirms that they have completed the sale and leaseback of the Sofitel London Gatwick property and will continue to operate the business, as usual, under the existing franchise agreement with Accor."
The buyers were advised by CMS, Stephenson Harwood, Carey Olsen, Osborne Clark, and PWC. Arora was advised by Burges Salmon and Eastdil Secured.
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