LONDON Britain s Compass Group Plc sold its Cumberland Hotel to Japan s Nomura for $217.3 million, as expected. Reports of the deal had surfaced last week in Times Of London. The Cumberland deal is Compass first sale since putting its Forte hotel group up for sale last October.
The Cumberland is the largest in a group of three London Signature hotels Compass has up for sale. The other two, the Strand Palace and Regent Palace, are on short-term leases and are not expected to fetch as high a price as the Cumberland.
The Cumberland is an 895-room, four-star hotel located at the west end of central London s Oxford Street. It will be added to Nomura s UK Principal Hotels, a chain of 17 four-star hotels bought in January. (3/14/01)
SOURCE: Reuters