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London Olympic Park Hotels sold

Eight months after opening for business and just four months after the closing of the London Games, two hotels opposite the Olympic Park in East London are reported to have been sold for around £58 million. The two four star hotels, which are located in Westfiled shopping centre, are the Holiday Inn London Stratford City and the Staybridge Suites London. The Holiday Inn has 188 rooms whilst the Staybrige has 162 rooms. The rooms in both hotels are a mix of Guest Rooms, Executive Rooms and Suites. The Holiday Inn has a restaurant called Twenty Twelve which serves breakfast and dinner as well as the Stadium Bar Lounge and Terrace with views over the Olympic Park. The Holiday Inn also has seven meeting rooms, the largest of which can facilitate 80 delegates. Both hotels are just a five minute walk away from Stratford Tube, Railway and DLR Stations, ensuring quick access to the O2 Arena, the ExCel Exhibition and Conference Centre, Canary Wharf and London City.

In January 2011 the two hotels were sold by Westfield to European private equity company Patron Capital for just under £50 million. Patron is reported to have originally planned to own the hotels for between five and seven years, but after receiving unsolicited offers over the summer, the company invited bids for the hotels and the latest sale is understood to involve an Asian owner of international hotel brands.

InterContinental Hotels Group (IHG), the company that owns the Holiday Inn and Staybridge brands, will continue to hold the franchise deals for the Stratford hotels.

University College London is currently developing plans for a 23-acre campus in Stratford and just last month BT was confirmed as the anchor tenant for the London 2012 International Broadcast Centre (IBC). These latest investments in the area are sure to mean both the hotels have a sustainable and profitable future beyond 2012.