Andreas Panayiotou’s Ability Group has bought the Hilton hotel in Liverpool from Grosvenor.
The hotel, bought for an undisclosed price, forms part of Grosvenor’s £1bn Liverpool One scheme and is due to open in early 2009. It forms an integral part of the newly-configured Chavasse Park, designed by US-based architect, Cesar Pelli, with views of the famous Albert Dock, the Mersey and the Liver Building.
The hotel will comprise 216 bedrooms. The property will also comprise 47 apartments - 22 one bed and 25 two bed – and is held on a 150 year leasehold granted by Liverpool City Council at a peppercorn rent.
The purchase is the latest by the Ability Group, which is rapidly building a pan-European commercial property portfolio of hotels, offices and shopping centres targeted to grow to at least E4bn (£2.8bn) by 2010.
Ability Group was formed in 1996 by Panayiotou and has accumulated a £1bn residential property portfolio in the UK. It has recently started to expand its commercial portfolio and has invested E152m (£106m) into hotels across Europe and has a further E100m (£70m) to spend on German retail with Hypo Real Estate Bank.
Ability Group was advised by law firm Taylor Wessing, tax specialist Chilterns and accountancy group Langley, while Grosvenor was advised principally by CMS Cameron McKenna and CB Richard Ellis Hotels.