Cycas Hotel Partners and Patron Capital acquire two Hotels at Westfield Stratford City

When complete, the two hotels will total 350 hotel rooms and suites (17,500 sqm) and will be branded as the Holiday Inn London-Stratford City (188 rooms) and the Staybridge Suites London-Stratford City (162 suites).

Cycas Hospitality, a subsidiary of the purchaser will operate the hotels under franchise agreement with the Intercontinental Hotels Group (IHG). Westfield will build the hotels, which are planned to open ahead of the Olympic Games in 2012. The hotels will be situated at the centre of the Westfield Stratford City shopping centre development, which comprises 1.9m sq ft of retail and leisure space, 1.1m sq ft of offices, plus homes and other community facilities.

The Shopping Centre and the hotels are located adjacent to the Stratford regional station, which is forecast to become one of the busiest stations on the London network by 2011. The primary route designated for access to the Olympic Park runs directly in front of the hotels. With such unparalleled connectivity, the Hotels will be easily accessible via tube, rail, bus and car networks, and the key financial districts of Canary Wharf and The City are just 11 and 8 minutes away respectively. The growing London City Airport is less than 15 minutes away by DLR. In future, the new International Station will mean that the development is on the doorstep to Europe with Paris or Brussels potentially just two hours away via Eurostar.

 

Holiday Inn is the official hotel provider to the London 2012 Olympic and Paralympics Games. The Holiday Inn being built as part of the scheme, with its prominent location and spectacular views overlooking the Olympic Park will mean the vitality of the area will live on beyond the Games.

 

John Wagner, Director at Cycas Hotel Partners, said: “The new Holiday Inn and Staybridge Suites at Westfield Stratford City will be situated in one of London’s most important new developments. This location is at the heart of one of the world’s premier sporting and retail areas and yet is easily accessible from both the City and Canary Wharf. The opportunity to be open and a part of the Olympics and the Olympic legacy, will give these hotels a head start in introducing a new standard and in the case of Staybridge Suites, a new concept, to the growing east London neighborhood.”

 

Josh Wyatt, Director of Hospitality at Patron Capital, said: “The project represents a prime opportunity to own and operate a large scale hotel scheme in London.  The development is in an excellent location with superb transportation links just 100m from the hotels.  Patron Capital is proud to invest actively in the important wider regeneration scheme for East London set to become a major new centre for business and retail which should receive global attention in 2012.”

 

John Burton, Director of Westfield Stratford City, said: “By introducing a new concept to London, the hotels will complement the next generation of retail, dining, leisure, office, entertainment and residential space we are developing at Stratford. With the City, Canary Wharf and Central London just minutes away, Westfield Stratford City is London’s most exciting new commercial district.”

 

Kirk Kinsell, IHG’s president for Europe, Middle East and Africa, said: “A big focus for the London 2012 Olympic and Paralympics Games is the regeneration of east London and these two hotels will allow us to help create that legacy.  This is also the first Staybridge Suites to open in London, and demonstrates the continued growth of one of our newest brands.”

The 162-suiteStaybridge Suites London-Stratford City hotel will be the third Staybridge to open in the UK. Bridging the gap between conventional hotels and serviced apartments, Staybridge Suites is designed for people seeking a residential-style stay when they spend longer periods away from home. Staybridge Suites’ tiered rate structure means prices are discounted the longer a guest stays, making it economical and comfortable for extended stay business travellers.

 The 188 room Holiday Inn is a full service four star hotel. This new build hotel will set a new benchmark for the future.  Holiday Inn is the official hotel provider to the London 2012 Olympic and Paralympic Games. Holiday Inn is about to complete the biggest re-launch in the hospitality industry with a £650 million investment across more than 3,300 hotels and 430,000 Holiday Inn rooms worldwide.

www.cycascapital.com