Game plan for King's Cross hotel too late to reap Olympic gold
An American property investment firm has bought one of the oldest hotels in central London for £12 million even though it won't be open in time for the Olympics.
The freehold for the Great Northern hotel in King's Cross, at the heart of the area's regeneration project, has been acquired by Pramerica on a 999-year lease.
The 157-year-old hotel, beside the mainline station, was designed by Lewis Cubitt, the younger brother of master builder Thomas Cubitt. Under redevelopment plans it will have 92 rooms, a bar and brasserie.
It was hoped that it would be able to take advantage of the influx of tourists for the 2012 Games but completion is expected at the end of next year or the beginning of 2013.
London hotels have continued to attract wealthy tourists willing to pay the highest rates. The larger, five-star Marriott Renaissance hotel, occupying the refurbished Midland Grand building at St Pancras station, opened this year after a £200 million refurbishment.
It offers rooms and suites from £225 to £10,000 a night. A £14,000-a-night suite at the Lanesborough in central London, popular with customers from the Middle East and Latin America, has been full since it opened in May.
The US group Starwood, which runs the Lanesborough, a St Regis Hotel, built the 4,000 sq ft suite this summer. It is extending its hotels in London.
Redevelopment plans for King's Cross include the creation of eight million square feet of offices, homes and shops.
Network Rail is carrying out a £500 million revamp of King's Cross station, which forms the centrepiece of a far bigger redevelopment involving the arrival of the University of the Arts, homes, offices and cultural venues on an adjoining 67-acre site.
