Carey Property, subsidiary Company of the hotel fund Carey Value Added, managed by Azora, has sold the Harrington Hotel, located in South Kensington, London, to a Middle East investment group, for an amount of 112 million Euro.
The 4* Harrington Hotel has 201 keys. Up to the moment of its disposal, the hotel has been managed by NH group under the brand NH Harrington. The Carey fund owned, through its subsidiary Carey Property, a 75% stake in the hotel, while NH group owned the remaining 25%.
“The sale of the Harrington Hotel is explained by the excellent moment the London hotel market is currently experiencing and is in line with Carey’s strategy of extracting the highest profitability of its assets”, asserted Concha Osácar, Board Member of Carey Value Added.
Carey Property will continue being present in London with the NH Kensington Hotel.
Carey Value Added is a hotel fund which currently holds 9 assets in the main markets where hotel companies have presence (New York, London, Washington, Berlin, Cologne, Geneva and Brussels). The fund was created in 2006 and, from 2010 on, it is managed by Azora.
Grupo Azora is a Spanish independent asset manager, founded in 2004 and with over €3,000 million of assets under management. Azora manages Hispania through its subsidiary Azora Gestión S.G.I.I.C., S.A., a regulated asset management company under the supervision of the Spanish Stock Exchange regulator (CNMV).