Park Plaza buys Park Royal site

Park Plaza’s wholly-owned subsidiary has exchanged contracts to buy 628 Western Avenue, Park Royal, in west London, for £6m. The owner, an operator, developer and franchisor of hotels in Europe, the Middle East and Africa, paid a 10 percent deposit towards the acquisition.

The balance is payable in cash on completion which is scheduled to take place by no later than next June. The two-acre site is a high-profile, gateway location with prime frontage onto the A40. Park Plaza is in the process of applying for planning permission to build a new hotel at the front of the site which would further expand its hotel portfolio in London.

Boris Ivesha, president and chief executive, said the acquisition of the site presented “an exciting opportunity to build a new hotel within the M25” and showed the company’s ongoing commitment to grow its UK hotel portfolio beyond the six hotels and 2,300 rooms that it currently had in London. “This site gives us the opportunity to deliver a hotel which will be a natural stopping point for those travelling in and out of the west of London,” he said.