The Stafford Hotel in St. James’s, London, has been sold to Britannia Hospitality, the UK arm of an Egyptian construction and tourism company, for £77.5m.
Previously owned and operated for 14 years by Shire Hotels, a subsidiary of brewer, pub operator and hotel company Daniel Twaites, the 105-bedroom Stafford last year contributed £2.7m in operating profit to the group, from a £9.5m turnover for the year to 31 March.
The net proceed from the sale to Britannia Hospitality, a subsidiary of the Egyptian El Sharkawy family-owned RAMW Group, will be used to reduce Thwaites’s borrowings and fund future development opportunities.
In a statement, Shire Hotels, said: "Whilst it is sad to be saying goodbye to the hotel and the team that makes it one of London’s finest, we are pleased to hand it over to the El-Sharkawy family in such good shape. They have exciting plans for the hotel and also recognise the unique value that the long serving team of staff add to the guest experience."
Law firm Trowers & Hamlin advised Thwaites on the deal. RAMW Group’s assets also include the Hyatt Regency resort in Sharm el Sheikh, Egypt.