Private equity firm JER is selling its 50% stake in the Andaz Liverpool Street hotel in London, formerly the Great Eastern Hotel, to Global Hyatt Corporation. A company spokesperson would not disclose the purchase price, but market reports suggest the deal values the hotel at about £185 mln. In March 2006, JER teamed up with Hyatt to acquire the 267-room luxury hotel from Conran Holdings and the Blackstone Group for £150 mln (EUR 208 mln). Since then, the joint venture has invested some £4.8 mln in the hotel's refurbishment.
Premium subscriber content – please log in to read more or take a free trial.
