Leicester Square site for expanded Radisson Hotel

NAMA deal paves way for giant Leicester Square hotel

30 January 2012 | By Nick Johnstone

Radisson Edwardian has bought the 0.47 acre Odeon Leicester Square site
under plans to more than triple the size of its existing hotel at the
popular tourist destination.

The property's owners, Ireland's National Asset Management Agency and
Tamarin / Real Estate Solutions have exchanged with the hotelier's parent
Edwardian Group, after its owners struck a deal with Radisson to mitigate
the impact of rights of light on the sale.



Planning Permission was granted in October 2008 for the demolition of
existing buildings and redevelopment of the Site to allow development of a
two screen cinema, a 245 bedroom hotel, 33 residential units, four
restaurants at ground floor and one at ninth floor level.

The 215,000 sq ft Make-designed opportunity was put up for sale by agents at
CBRE, Knight Frank, and DE&J Levy early last year, following instructions
from receivers at Allsop.

London & Regional, in a joint bid with Hilton Hotels Group, is believed to
have been the under bidder.

Paul Mansi, chief operating officer of Edwardian Group, said: "Leisure
experiences are at the heart of the company's DNA and we are keen to create
new and exciting offerings for the local market and the myriad visitors to
the City. Details of our plans will be unveiled in the coming weeks."

Peter Burns of sales agent CBRE said the deal would unify three key
ownerships totalling around two-thirds of an acre on the south west corner
of Leicester Square.

All parties declined to comment on the price at this stage