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Close Ventures invests GBP6.5 million in T5 hotel

Venture capital trust manager Close Venture is to make a GBP6.5 million investment in the 19 bedroom Stanwell Hall hotel, situated a mile from the new Terminal 5 at London’s Heathrow airpo

Venture capital trust manager Close Venture is to make a GBP6.5 million investment in the 19 bedroom Stanwell Hall hotel, situated a mile from the new Terminal 5 at London’s Heathrow airport.

The hotel has been acquired by Sky Hotel Heathrow Limited, which is 50:50 owned by various Close Venture Capital Trusts and The Hotel Collection Limited. Close Venture’s investment will be used to create a boutique airport hotel of up to 58 rooms by combining the existing building’s character and charm with contemporary innovation. The property will continue trading as The Stanwell Hotel Heathrow until planning permission is granted for expansion and refurbishment. It is planned to become the Sky Hotel Heathrow in 2009.

‘Asset backed investments are one of the cornerstones of our investment strategy and we have a good track record of investing in hotels,’ says Close Ventures director Henry Stafford. ‘The quality of the site and its proximity to the new Terminal 5 make it an excellent investment prospect and we have been impressed with the award winning team at Sky Hotel.’

Penny Brown, Director of Sky Hotel Heathrow Limited adds: ‘The timing and location of this project is very exciting. The passenger’s experience has been at the forefront of the thinking behind the design and operation of Terminal 5 and it is our intention to mirror this approach by creating an innovative and contemporary environment. Close Ventures have an exceptional grasp of the Hotel industry and make an excellent partner for this project.’

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