Much like its rival Paris, London too has witnessed overseas investment in many of its monumental properties and commercial buildings. Most hotels in London too are owned and maintained by overseas investors, mainly the Russians and the Arabs.
The St. James’s Hotel and Club which is located in London is the latest to be bought by an unknown overseas investor. The deal has been settled at 60 million pounds and was owned by brothers David and Elliot Rosenberg, father-and-son Alan and Gary Landesberg, and Galliard Homes.
The hotel would however be managed by pan-European operator the Althoff Hotel Collection. The hotel is known for its fine dining restaurant, Seven Park Place. Apparently, the management is all excited about the prospects of being owned by an overseas investor and that too rather naively.
The management believes that the new buyers understand the property, and the historic and monumental potential of the hotel. Unfortunately, truth is usually bitter and the hotel may lose its original charm and the British feel which it has always had. Perhaps the entire city of London will soon be owned by the Middle Easterners and the Russians too. God save the Queen, indeed.
Via: Big Hospitality