LONDON — Granada Compass Group PLC Wednesday said its Posthouse Hotels division has sold the Cavendish Hotel in London to De Vere Group PLC for GBP 60 million.
Granada Compass emphasized that the Cavendish has been marketed separately from the previously announced disposition program for the whole of the Forte Hotel division. Granada Compass said the 251-room, four-star hotel, which is situated in Londons West End, generated pretax profits in the year to Sept. 30 of GBP 5.6 million.
De Vere said it intends to operate the hotel within its four- and five-star De Vere brand, and the Cavendish provides the company with its first presence in London. (12/6/00)
SOURCE: The Wall Street Journal