Press | Jasminder Singh buys New Providence Wharf
JASMINDER SINGH BUYS ANOTHER HOTEL ON HIS ACQUISITION TRAIL
Jasminder Singh has bought a second hotel in four weeks as he increases his Edwardian Group to fourteen properties.
The latest acquisition is the four star deluxe, 169 bedroom New Providence Wharf Hotel in Canary Wharf which Radisson Edwardian Hotels have successfully operated since its opening in 2007.
This latest purchase follows swiftly on the deal to buy the iconic Free Trade Hall hotel in Manchester.
The hotel was built by the Ballymore Group and is situated on the banks of the River Thames with spectacular views across to the O2 Arena. The proximity to London City Airport, Canary Wharf’s vibrant work and lifestyle market, Excel and the City has resulted in strong corporate and leisure business with a successful trading position since launch.
The local and leisure markets have also proved to be successful for the hotel due to the popular bars, restaurants and award winning spa housed in the property.
Edwardian Group have ambitious targets for the hotel both from the upcoming Olympic Games and from the continued development of the Docklands area.
The sale, which was marketed by CBRE Hotels, was finalised today (Monday November 28).
Staff and guests will not see any changes in operation as the same people as always will be running the hotel. The sale to Edwardian Group however does secure jobs and further investment in the property.
Speaking on behalf of Jasminder Singh, COO Paul Mansi said: “This latest purchase adds significantly to our portfolio. It also brings the hotel under our full control which will allow us to broaden the scope of the hotel’s offering in due course. The group is well positioned to make further purchases when interesting opportunities present themselves.”
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