The hotel company that runs The Grand Brighton hotel has been sold to Chinese-based firm HK CTS Metropark Hotels following a GBP400 million (USD620m) deal, according to reports in The Times (London) yesterday.
The nearby Holiday Inn on Brighton’s seafront is also included in the sale.
It is the second major change in ownership of the company running the hotel in little over a year after previously being added to the Kew Green Hotels portfolio in March last year in a deal worth around GBP50 million.
The latest deal involving the sale of the entire Kew Green Hotel portfolio, which also includes 45 Holiday Inns, five Ramada Hotels and the Courtyard by Marriott hotel at Gatwick, is expected to be formally announced today (Macau time).
The new owners are part of the China National Travel Service Group of Hong Kong which operates hotels throughout China, Hong Kong and Macau.
Editor’s Note:
According to a note sent today to our newsroom by Kew Green Hotels, “The acquisition of Kew Green Hotels by HK CTS Metropark Hotels Co Ltd does not affect the ownership or operation of the iconic Grand Brighton hotel. The Grand Brighton is still owned by Wittington Investments and will continue to be managed by Kew Green as before.”
Updated
Congratulations to CTS HKG!