02/04/2019
London Marriott Hotel Grosvenor Square leasehold for sale
London Marriott Hotel Grosvenor Square is up for sale, with the long leasehold interest being marketed with a guide price of £180m. Big Hospitality reports that the hotel previously sold in 2014 for £125m, changing hands from Strategic Hotels & Resorts to Joint Treasure, the Hong Kong-based private equity firm, who tried to sell the leasehold, with less than 40 years remaining, previously in 2017. The five-star hotel was previously home to Gordon Ramsay's Maze restaurant, until after 14 years it closed in February. The site is being relaunched as Ramsay's Lucky Cat concept this summer and Ramsay's separate grill concept, Maze, is still open at the hotel.
Loungers seek to trade on the Alternative Investment Market
Restaurant-café-bar operator, Loungers, has announced its intentions to seek admission to trade on the Alternative Investment Market, expecting to enter at the end of the month. The Caterer reports that the company will continue to pursue its organic growth strategy, aiming to open 20 Lounges and five Cosy Clubs this year. The group's last financial statement reports an increase in pre-tax profits from £3.2m to £5.6m, a 31.9% revenue growth to £121.1m and a like-for-like sales increase of 6% for the year ending 22 April 2018.
PPHE to develop Art'otel London Hoxton
Hackney Council has approved planning consent for PPHE Hotel Group's development of Art'otel London Hoxton. As reported by The Caterer, the development will have 27 floors, 17 for the 343 bedroom and suite hotel. Five floors will host a swimming pool, gym, wellness facilities as well as gallery space. Furthermore, the site will include destination restaurants and bars, as well as a rooftop lounge. The hotel is expected to open in 2023, with work beginning this month.
Aqua Restaurant Group to launch multi-concept venue at Great Portland Street
Aqua Restaurant Group, the operator of Aqua Shard, has taken the former Villandry site in Great Portland Street, London, reports The Caterer. Planning permission has been granted by Westminster City Council to relaunch the space as a multi-concept venue, the ground floor and basement will house an 80-cover Japanese restaurant, a 72-cover café, a 68-cover Dim Sum Library as well as a 14-cover Spanish deli.
Corbin & King announce strong financials ahead of Soutine opening
London restaurant operator, Corbin & King, has announced growth in its current financial year, which it believes is set to continue with the opening of its latest venture next month, Soutine, in St John's Wood. The company reported EBITDA of £1.2m, although alongside a £0.7m operating loss for the year ending 31 March 2018, attributed to the depreciation of intangible assets. Propel reports that with like-for-like sales increasing by 3.2%, the accounts also reflect the first three months of its Minor International partnership, who, in December 2017, bought Graphite Capital's stake.
And Finally...
Yorkshire craft brewer Magic Rock Brewing has been bought by Australia-based food and beverage giant, Lion Global Markets, according to The Morning Advertiser. Lion's also bought London craft brewery Fourpure Brewing Co in July last year. Managing Director of Magic Rock, Richard Burhouse, will remain with the business and hopes the deal will increase the Huddersfield brewery's scale of production.