KPMG’s Corporate Finance practice has advised the owners of The Gore Hotel and The Pelham Hotel on a sale to Starhotels S.p.A.
The Gore and The Pelham are two leading boutique townhouse hotels located in Kensington, West London. The 5* Pelham has 51 bedrooms and is situated in South Kensington, while the 4* deluxe Gore has 50 rooms and is the closest hotel to the Royal Albert Hall, Kensington. The two hotels were owned by Con Ring and other private shareholders.
Starhotels is a family-owned Italian luxury hotel group with 22 hotels, including 5 prestigious Collezione hotels, located in exclusive destinations throughout Italy, Paris and New York. Each hotel reflects the spirit of the city and the Italian love of art, culture and gastronomy.
The acquisition of the Gore and Pelham mark its first entry into the rapidly-expanding London hotel and hospitality sector.
Con Ring said: “We are delighted to have sold the Gore and Pelham to Starhotels, as they complement perfectly the existing Starhotels portfolio of high quality luxury hotels. We have no doubt that Starhotels will continue to be great custodians of them."
Neil Meredith, head of hotel and hospitality M&A at KPMG, said: “From the outset, there was a lot of interest from international buyers and investors, resulting in a highly competitive sales process which achieved a price in excess of £43million. The deal further demonstrates the continuing strong appetite from overseas for well-located real estate in central London.”
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For further information, please contact:
Katy Broomhead, PR Manager, KPMG
T: 0161 246 4623
M: 07824 537963
KPMG Press office: 020 7694 8773
Press Office and External Relations, Starhotels
T: +39 055 3692284/+39 055 3692295
KPMG LLP, a UK Ltd liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About STARHOTELS S.P.A
Starhotels, 3.690 rooms, 142 meeting rooms, 22 hotels, 20 four-stars in the heart of Italy’s most beautiful cities, 1 five star hotel in Paris and 1 five star in New York. All Starhotels are strategically located in city centres. Every hotel offers the warmth of fine Italian hospitality, impeccable service and rooms of inimitable style and comfort.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.