Italian developer Gruppo Statuto has bought the Crowne Plaza London on the fringe of the City for around £80m

The 203-bedroom hotel on New Bridge Street at Blackfriars was sold by a consortium of investors including Intercontinental Hotels Group and two Middle Eastern investors through Jones Lang LaSalle Hotels.

InterContinental Hotels Group will retain the management of the hotel on a long-term management contract under the Crowne Plaza brand.

The hotel was formerly known as Blackfriars House and was the head office of law firm Clifford Chance before its conversion to a hotel in 2003. 

Gruppo Statuto is one of Italy’s largest non-listed companies in the real estate sector specialising in property development. Last year it acquired the Four Seasons Hotel Milan.