- May 6, 2014
The Grand hotel has been sold, according to trade publication Big Hospitality.
It reported: “De Vere Group has announced the sale of its Grand Hotel in Brighton for an undisclosed amount.
“The deal was completed on 25 April, and the name of the buyer was also kept from the media. It comes a year after the group put the property up for sale but said it was ‘not under any pressure to undertake a disposal’.”
The hotel was put on the market with a price tag of £50 million.
This was despite De Vere spending about £7 million refurbishing the building, which was the focus for the world’s media after the Brighton bomb in 1984.
The identity of the new owner and the price paid is not known.
But, talking to The Argus, The Grand’s general manager Andrew Mosley said it had been passed on to “good hands” and that he expected the current management to stay in place.
“Following the sale, the group owns the Village Urban Resorts brand, comprising 25 properties, and a portfolio of golf resorts scheduled to be put up for sale later this year.
“De Vere Venues was acquired by private investment firm Starwood Capital last month for £232m. The deal was supported by Royal Bank of Scotland and Barclays Bank and included 23 owned and leased hotels, mostly located in Greater London.”