Strategic Hotel Capital Sells St. Ermin Hotel, London

CHICAGO – Strategic Hotel Capital, a global hotel investment company based here in Chicago, announced that its U.K. affiliate reached an agreement to sell the first class London St. ErminÕs Hotel. The firm anticipates closing the transaction in late January 2001. Strategic purchased the 290-room hotel in 1998.

According to Laurence Geller, CEO, Strategic Hotel Capital, “The sale is in line with our stated goals of selling assets that we feel are not in keeping with our long-term strategic objectives.” The firm will continue to focus on luxury properties in major European, Asian and U.S. cities.

Robert Seabrook, senior vice president, Jones Lang LaSalle hotels, acted on behalf of Strategic Hotel Capital in the sale. The sale “represents the largest transaction in the London market this year,” according to SeabrookÕs statistics.

The St. Ermin is a historic four-store hotel in the heart of the Westminster tourist district in central London. It contains two restaurants, three lounges and about14,000 sf of meeting and banquet space.

SHC, founded in 1997, is a privately held firm that targets upscale and luxury hotels on a global basis for acquisition. Its portfolio includes properties in the U.S., Mexico and Europe.