Atisreal - Leisure Sale - London

Date: 25 Mar 2008

Apex Hotels has acquired a third property in London City, making it one of the largest accommodation providers in the City.

The building, at 1-3 Serjeants' Inn, was bought from the Honourable Society of the Inner Temple, a legal organisation responsible for the training and accommodation of barristers. Apex Hotels is investing in excess of £60 million to create the first hotel in one of London's Inns of Court. Subject to gaining planning approval, this latest acquisition will bring the Apex Hotels portfolio to eight.

Situated just off Fleet Street, this landmark building will be converted into a four star contemporary hotel, with 170 bedrooms, each offering the latest in business facilities, together with restaurant, bar and conference facilities.

Angela Vickers, Managing Director of Apex Hotels said: "We are delighted with the success of our first London hotel which has enjoyed high occupancy since opening in 2005. The demand for the Apex product in London continues to drive our expansion and we are confident that the two new London properties (Serjeants' Inn and Piercy House) will achieve the same success."

Norman Springford, Chairman of Apex Hotels said: "We will be creating something very special at Serjeants' Inn, and are grateful to be given the opportunity from the Inner Temple to allow us to do so. We have a busy programme for our development teams, but a challenge we are all looking forward to."

In addition to this latest acquisition, Apex is adding a further 49 bedrooms to the Apex City of London Hotel on Seething Lane, due to be completed this September.

Further work is also underway on a conversion of a former office block in Copthall Avenue, in the heart of the City, minutes from Moorgate and Bank underground stations, the Bank of England and Guildhall. Due for completion in June 2009, this four-star hotel will provide 89 bedrooms and restaurant facilities.

A fourth Apex Hotel is under development at Waterloo Place in Edinburgh, making Apex Hotels one of the largest accommodation providers in Edinburgh. Located at the east end of Princes Street, near the train station and main shopping district, this historical building, built in 1819, was the first large scale hotel in Edinburgh. Apex plans to return the property to hotel trading, investing in excess of £30 million to develop 180 contemporary bedrooms, restaurant, conference and leisure facilities.

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