Brighton's Grand Hotel sold to Fattal Group
Israel-based Fattal Group has acquired the 159-year-old Grand Hotel in Brighton as part of its ongoing expansion into the luxury market.
The owner of Leonardo Hotels UK and Ireland said it planned to "invest significantly" in the 201-room Victorian property to retain its "iconic status".
The seafront hotel first opened in 1864 to cater to a surge in wealthy Victorian holidaymakers and featured the first working lift outside of London.
It appeared in the 1979 British film Quadrophenia and famous guests over the years have included ABBA, who stayed at the property after winning the 1974 Eurovision Song Contest in Brighton. Numerous politicians have spent the night at the hotel during the party conference season, and it was the site of an IRA assassination attempt against Margaret Thatcher in 1984.
The Caterer understands the sale price to be £50m - £60m. The hotel was last sold by De Vere to privately-owned British firm Wittington Investments in 2014 for an estimated £50m.
The seven-floor hotel features a restaurant and bar and over 1,200 sq m of meeting and banqueting space across 13 rooms.
It is the second major acquisition for Leonardo hotels in four months after it bought the 114-year-old Dilly in London for an estimated £80-£100m.
The group operates 52 hotels across the UK and Ireland and rebranded its Jurys Inn portfolio to Leonardo hotels last year.
Jason Carruthers, managing director of Leonardo Hotels UK and Ireland, said: "We are delighted to follow up our acquisition of the Dilly by adding another historic and iconic hotel to our growing portfolio of luxury hotels.
"[The Grand] is a consistently high performing hotel, situated in a key strategic location with highly dedicated employees, meaning it is an ideal fit to our broader portfolio.
"We look forward to working with the Grand team to build on their successes to date and continue enhancing the great experiences and service they consistently deliver to their guests."
Carruthers previously told The Caterer Fattal was aiming to acquire around 15 luxury properties worldwide within the next two years.
Leonardo already operates the Leonardo Brighton hotel and the Leonardo Royal Brighton Waterfront and said the deal would make it the largest hotel operator in the city.
Fattal has funded the Grand and the Dilly's acquisitions through a €400m (£355m) fund raised in partnership with institutional investors.
The wider business operates over 200 hotels in 100 destinations worldwide and plans to rapidly expand its global presence.
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