Cadogan Hotel sold to US chain

13 April 2012

THE landmark Cadogan Hotel in Sloane Street has been sold for an estimated £14m to US chain Leading Hotels of the World.

The hotel, which was home to Edward VII's consort Lillie Langtry, has for 20 years been part of the portfolio of boutique hotels built up by reclusive 50-year-old millionaire Richard Broyd under the Historic Hotels brand. There are 40 years remaining on the lease, from freeholder Cadogan Estates.

As the only urban hotel in the Historic portfolio, the Cadogan is said to have become an increasingly isolated part of the Broyd hotel assets. The capital's hotel industry has been hard-hit by the downturn in the tourist trade. Rates for the 72-room hotel go up to £420 a night.

The sale is set to be completed by 5 August, and will be followed by a major refurbishment.

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