Property company London & Regional (L&R) has fought off a number of bidders to acquire the 198-bedroom Crowne Plaza Cambridge for a price which is believed to be in excess of the asking figure of £35m.
The hotel, which includes a reception room for 300 and health and fitness facilities, was put up for sale and marketed by Christie & Co, after the previous owner, the Quinn Group, went into administration
L&R's portfolio currently includes three Hilton hotels in London - in Park Lane, Trafalgar Square and Green Park. The company's owners, Ian and Richard Livingstone, also own two leading country house hotels, Chetwton Glen and Cliveden.
Jeremy Jones, director of corporate hotels at Christie & Co, said: "L&R has made yet another excellent acquisition with the Crowne Plaza Cambridge, and we are delighted to have concluded a deal on behalf of the seller. The opportunity to acquire the hotel made for an extremely competitive sales process, which was reflected in a highly competitive bidding to secure this profitable hotel which benefits from a leading global brand and incumbent manager in InterContinental Hotels Group."
By Janet Harmer
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