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29 May 2018 | Hotels

New owner for refurbished East London hostel

Specialist business property adviser, Christie & Co has completed on the sale of the St Georgio, situated in Gants Hill in East London, near the Olympic Village and the Westfield shopping centre. Previously trading as a hostel, the property was completely refurbished in 2008 and commenced trading as a private hotel.

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The brick-built property boasts 85 en suite bedrooms, offering a wide variety of bedroom types from double/twin accommodation to a selection of suites. In 2006, the top floor was added to the building and comprises 24 self-contained en suite letting rooms with kitchenettes, 19 of which are Superior Rooms and five Superior Suites with jetted bathtubs. The property includes a large reception area, lounge and restaurant, the popular Nyana cocktail bar, a kitchen and breakfast room serviced by a commercial kitchen and a manager’s office.

Previously owned by George Mavrommatis, a private Cyprus-based investor, the hotel was purchased by Redbridge Council and is now being operated as a hostel again.

Andrew Evangelou, Director at Christie & Co handled the sale and comments, “The St Georgio is perfectly placed to operate either as a private hotel or an upscale hostel, which encouraged interest from a wide range of potential buyers before being purchased by Redbridge Council. The adaptable building is well placed in a popular East London location and demonstrates the high quality of hotel businesses available in the capital.”

Christie & Co sought offers in excess of £9m for the freehold of the St Georgio.