• Strategic sells in London

Strategic Hotels has sold the Marriott London Grosvenor Square for GBP125.15m. The buyer is Hong Kong based private equity firm Joint Treasure. After repaying costs and loans, Strategic will net GBP58.1m from the sale of its last European holding.

The hotel will continue to operate as a Marriott, under a long term management agreement. Concurrently, Strategic has closed its purchase of the remaining 50% of the Fairmont Scottsdale Princess, for USD90.6m.
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