--- title: Park Inn London Hotel Sold date: 2018-08-09T11:58:00+01:00 author: Alison Bull canonical_url: "https://assetsure.beebo.co.uk/business/hotel-insurance/park-inn-london-hotel-sold/" section: News --- Our Customers Love Us! Hotel Insurance [Trustpilot](https://uk.trustpilot.com/review/assetsure.com) ### Get a Quote. Choose from our range of insurances below [Home](/) › [Business Insurance](https://assetsure.beebo.co.uk/business/) › [Hotel Insurance](https://assetsure.beebo.co.uk/business/hotel-insurance/) › [Park Inn London Hotel Sold](https://assetsure.beebo.co.uk/business/hotel-insurance/park-inn-london-hotel-sold/) # Park Inn London Hotel Sold The independent hotel chain Crimson Hotels Group (owned by Aly Kassam), has bought the 214-bedroom four star Park Inn London (sometimes referred to as the Bonnington) from the Ernst & Young, (the administrators of WG Mitchell) for an estimated £45 million. The property was bought by WG Mitchell in 2007 for £70m. The sale is believed to have gone through without virtually any associated debt transfer from the previous owners. Mr Kassam told the *Times*: Our acquisition of the Park Inn London, Russell Square, fills a Central London gap in our group. We had been looking for a Central London asset for some time. London [hotel](/business/hotel-insurance/ "Hotel Insurance") opportunities have been rare, so this property coming to the market gave us the chance to secure a well-located freehold trading asset. The sale represents a glimmer of hope for the struggling hotel industry which has seen property values and occupancy rates fall throughout 2009. Following fifty guided tours of the Hotel during the sales and bidding process the sellers subsequently received sale £1 billion worth of bids. This demonstrates a keen interest in premier hotel locations (that rarely come on to the market) and in the hospitality and hotel industry generally. In the 1960s the hotel was infamously used to host trade union negotiations. The good news sentiment also echoed in a recent hotel conference in which key speakers highlighted the slow return of business from the disastrous 2008. In particular the growth of domestic tourism from UK travellers. Managing director of Visit Manchester, Paul Simpson said in *Caterer search:’*The challenge for hoteliers is to seek new routes to their markets, either by using their tourist boards, maximising local events, or through websites,” This news comes at a time when the average room rates and occupancy levels have fallen across the UK regions. However the rate of fall in ondon has been not as bad as competing European cities for premier hotel locations such as Paris, Rome, Frankfurt, Amsterdam and Prague. This is supported a survey by *TRI Hospitality Consulting* found that out of 107 UK chain hotel general manager’s 61% said they were either optimistic or very optimistic about their hotel’s trading performance. The Park Inn is located in London’s historic district of Bloomsbury, between Holborn and Russell Square tube stations. The hotel is a stone’s throw from the British Museum and walking distance to top attractions such as Covent Garden, the West End and the shops on Oxford Street. The Park Inn London, Russell Square has a prime central London location near the West End theatres and shopping districts, the city and attractions. These include Covent Garden. Holborn and Russell Square tube stations are St Pancras International Station. All 4 star facilities are provided for a business trip or a city break. In addition, the hotel offers a restaurant, a bar and 12 modern and fully air-conditioned meeting rooms accommodating up to 200 delegates for a conference or 150 for a dinner. Crimson which currently owns and manages 11 hotels in the UK, Portugal and Dubai plans to invest considerable monies in re-branding the hotel to reflect the new owner’s identity including upgrading the reception area, restaurants and meeting rooms. Jeremy Jones, director at Christie & Co, the property agents in charge of the sale, said there were a number of offers for the hotel before the deal was finally secured. ## Latest News & Advice [![The UK Hotels Market](https://assetsure.beebo.co.uk/actions/assets/generate-transform/?transformId=53)](https://assetsure.beebo.co.uk/business/hotel-insurance/uk-hotels-market/) ### [The UK Hotels Market](https://assetsure.beebo.co.uk/business/hotel-insurance/uk-hotels-market/) There are no government statistics for the hotel industry. However according to the British hospitality Association there are over 20,000 hotels, bed and breakfasts’ and guesthouses in the United Kingdom officially registered with local tourist boards. This could increase to approximately 60,000 by including the hotels, and breakfasts and guesthouses that are not officially registered.... [![Why Start a Hotel Business](https://assetsure.beebo.co.uk/actions/assets/generate-transform/?transformId=54)](https://assetsure.beebo.co.uk/business/hotel-insurance/hotels-why-start-a-hotel-business/) ### [Why Start a Hotel Business](https://assetsure.beebo.co.uk/business/hotel-insurance/hotels-why-start-a-hotel-business/) If you have a dream to start up an accommodation related business you should first ask yourself some difficult questions about the type of person you are and your potential ability to run a successful hotel rental business. This article summarises some of the characteristics and traits of a successful hotel owner and aims to help prospective owners of hotels, guest houses and bed and breakfasts think about the key issues involved.... [![Hotels Running](https://assetsure.beebo.co.uk/actions/assets/generate-transform/?transformId=54)](https://assetsure.beebo.co.uk/business/hotel-insurance/hotels-running/) ### [Hotels Running](https://assetsure.beebo.co.uk/business/hotel-insurance/hotels-running/) This articles summarises some of the many practical aspects of running a successful hotel. Running a successful hotel the first time involves a series of organised routines and work practices. When taking over a hotel form a buyer, implementing practical changes for the first few days of trading is essential.... [More News](https://assetsure.beebo.co.uk/news) ## Why choose our specialist insurance cover? ### Lloyd's of London coverholders We hold prestigious Lloyd’s of London cover holder status where most of our policies are underwritten. We also place business with major UK insurers ### First class service We pride ourselves on our excellent service which is backed up by our independent Trust Pilot ratings. If you call us, you’ll find we are friendly and helpful. ### Extensive Cover Our policy provides all-risks cover as standard. This means events such as loss or damage are covered with fewer exclusions and warranties. 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