• Olympic hotels sold to Patron jv

A joint venture between Cycas Hotel Partners and Patron Capital has bought the long-term leasehold rights for two hotels in Stratford, East London, for an undisclosed fee, reported to be around £50m.

The two hotels will be branded as Holiday Inn and Staybridge Suites, and will open prior to the Olympic Games. 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. East London is set to become a major new centre for business and retail, which should receive global attention in 2012."

See the full story here:
http://www.bloomberg.com/news/2011-01-10/patron-buys-olympic-hotel-projects-from-westfield-ft-reports.html

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