Filed under: Luxury Travel & Hotels
Filed under: Real Estate Developments
The brothers Candy would be getting a property with a lot of history. The building was once one of the largest private houses in Mayfair and the site was the home of the Duke of Westminster and the Grosvenor family. More recently the hotel's great room has been used for awards ceremonies and luxurious private functions.
Brothers Nicholas and Christian Candy made news here in the States a couple of weeks back when they faced foreclosure on the site of the former Robinsons-May on Wilshire Boulevard in Los Angeles. They had paid $500 million for the property in 2007 and had plans to create condos and a hotel. The property went back to lenders. it is expected that the property will be sold later but will likely not bring in nearly as much money.
The hotel could sell for between £600m and £700 million. The Telegraph reports that that property agent CBRE is being lined up to handle the sale and it could hit the market this month. The question of course is who's buying? Travel and tourism is still sluggish and RBS has tried to sell the hotel several times before, most notably to several Middle Eastern investors. Breaking Travel News says that London commercial property has been on the rise in recent months which means that for RBS is might be the right time to test the waters once again.
Filed under: Art
To put on the event the Grosvenor House Hotel had to close down access to its Great Room for most of the month of June in order to get the room ready for the exhibits. The cost of the loss of revenue plus the increasing price of insurance and staging fees weighed down the fair budget. Also this fair, like many other art and antiques fairs, has suffered a lack of corporate sponsorship this year. As companies trim their budgets, sponsorships of the arts are often cut out.
The Grosvenor House Art & Antiques Fair began in 1934 as a way of generating interest in art and antiques during the Great Depression. Over the years, the fair's popular gala opening event has been attended by royalty and celebrities. This year's fair was run under the patronage of Her Royal Highness Princess Alexandra.