LONDON-Quintain has exchanged contracts to sell the Plaza Hotel, a 306-room hotel in Wembley, to Sojourn Hotel Group for GBP 15 million. The deal will be completed in June 2012.
The initial Wembley planning approval presumed the redevelopment of the property into a residential complex. However, due to unstable markets, Quintain will focus on completing the project, which will include London Designer Outlet and the 4 start Hilton Hotel, in the next two years. The new Hilton will have 361 bedrooms and suites. For the full story, go to PropertyMall .
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