Hotel group, Shiva Hotels has revealed that after purchasing London’s Millennium Bridge hotel for £87.6m, it still has in excess of £300m of capital to spend on its acquisition plans.
Shiva Hotels snapped up the prestigious Millennium Bridge House from US private equity group, The Carlyle Group and plans to redevelop the 1.52 acre site into a 300,000 sq ft, 348-bedroom luxury hotel.
The hotel is in a prime location positioned close to St Paul’s cathedral, with panoramic views over the River Thames and the Tate Modern and beyond.
Rishi Sachdev, managing director of Shiva Hotels said: “The purchase of Millennium Bridge House is the latest in a line of strategic acquisitions of significant and high calibre sites across London for the development and operation of landmark hotels.”
In the last 18 months, Shiva Hotels has opened the Hilton London Heathrow Airport Terminal 5, acquired and commenced development of a boutique hotel on Buckingham Gate, as well as a luxury hotel at Lincoln Plaza in the heart of Canary Wharf.
It also plans to open Hampton by Hilton Hotels at London Waterloo and London Gatwick North Terminal by February 2014.