The Greenwich Peninsula Hotel has been acquired by hotel and investment company, Nine Group, from fixed charge receivers following its fall into administration in early 2017.
The hotel, located in the heart of the Greenwich Peninsula, is less than a 10-minute walk to the O2 Arena, situated in close proximity to the University of Greenwich, ExCel London, North Greenwich station and London City airport.
Attracting over two million visitors per year, the O2 Arena has a £5 billion redevelopment of the surrounding area and is set to include 10,000 homes, a shopping district, art gallery, orchard, restaurants, cruise ship terminal and a university campus.
Planning will be submitted to extend the part built six-story hotel, which currently accommodates 50 bedrooms, and will hold a three-star rating.
Initially sold to a group of 50 buy-to-let investors, the hotel was abandoned when Conqueror Holdings Limited fell into administration as a result of a failed joint venture between Zeeshaan Shah of property investment company One Capital and Cherif Investment Properties.
Grant Thornton Limited were appointed as joint administrators of Conqueror Holdings Limited while Nine Group acquired the incomplete site, with plans to complete and expand the capacity of the hotel.
Nine Group is run by Vivek Chadha, who was recently announced as winner of Entrepreneur of the Year for the London and South region in the Ernst & Young 2017 Entrepreneur of the Year awards.
“I am delighted to be able to complete the build of this hotel, which has been standing incomplete in the centre of the Greenwich Peninsula for over two years, causing consternation to local residents and visitors alike,” Chadha commented.
“The hotel is at the centre of the redevelopment of the Greenwich Peninsula, ensuring our guests will be at the heart of this exciting new district and able to enjoy all it has to offer.”
The Nine Group portfolio contains a mixture of residential and commercial property as well as hotels, including the Novotel London Heathrow airport, Mercure St Albans Noke Hotel, Holiday Inn Watford Junction and the recently acquired Trafford Park hotel in the centre of Manchester.