MCR Property Group buys London hotels and apartments for £123m and plans new £500m hospitality platform
The Manchester group has acquired four assets in Kensington and Chelsea, including Ashburn Hotel, Ashburn Court, Chesham Court and Claverley Court. They include serviced apartments and boutique hotel rooms.
MCR has focused on buying property assets but will be operating these new acquisitions in what it calls its “entry into operational real estate”. It aims to use this acquisition as a platform to grow a new scalable hospitality platform under “a new independent lifestyle collection brand” led by MCR.
That work will start with a £150m investment into central London, including this acquisition and a full refurbishment programme at its new venues.
Edmund Kissner, who is leading the refurbishment and brand platform, said: “This is a full refurbishment programme, not an incremental upgrade. The intention is to bring all assets up to a consistent, premium standard while creating a clear, design-led identity across the portfolio.
“We are already actively negotiating and bidding on a range of hotel assets across the UK, with the intention of bringing them into a number of curated collections under the wider platform. This is the beginning of a much broader rollout.”
Alistair Houghton