The Coronation Hotel, 59 Nevern Square, London SW5, has been bought from a private vendor by Richard Breen for £2.45m through Knight Frank hotels team.The Coronation hotel is a freehold property which borders the communal gardens of Nevern Square and comprises 23 bedrooms.
The purchaser, Richard Breen of Benit Hotels and also Chairman of 11 London Jackson-Stops & Staff residential offices, has bought his fourth hotel in three years as he grows his London portfolio. Richard’s expansion plans are ongoing and his focus is to continue to grow his portfolio of central London hotels.
Despite uncertain political and economic conditions Richard Breen has moved quickly to acquire his fourth London townhouse hotel which completes in May of this year.
The Coronation hotel on Nevern Square in Earl’s Court was the latest addition to his existing group which includes the Castelton hotel in Paddington, the Avalon hotel in Bloomsbury and the Trebovir hotel in Earls Court. In each instance the properties have been extensively refurbished after purchase and significant additional expenditure has been made to reinstate these period properties into desirable and modernised boutique hotels.
Knight Frank, Alex Sturges said: ”We have had the good fortune of working with Richard on two of his latest hotel purchases. In each instance Richard has performed quickly and despite a difficult lending environment has put his financial package together comprehensively. His refurbishments are impressive, the operations are efficiently run and we hope be there on his next acquisition.”
