Wyndham looks set to establish a second site in London following the acquisition of the Metropole by International Hotel Investments, the Malta-listed owner that is a subsidiary of the Corinthia Group.
The hotel will be created as a refurbishment of the existing property which is owned by the Crown Estate, part of the UK government. The winning bid of £130m was not the highest but was chosen as its proposal was the most sympathetic to the surrounding area.
The purchase was also heralded by Nakheel Hotels as its entry into the London market. Nakheel, the new name for Istithmar Hotels, part of government owned Dubai World, is a partner with IHI together with the Libyan Foreign Investment Company.
On completion of the 283-room property, management will be handed to Corinthia Hotels International to run under the Corinthia brand, which is marketed in the EMEA under the Wyndham Grand logo.
The new hotel will replace the Regent Palace Hotel which is to close as part of the renewal of the Regent Street area of London. The property is currently managed by Travelodge