2nd Mar 2006 07:01
Development Securities PLC02 March 2006 2 March 2006 Development Securities PLC announces new hotel for the second phase of its PaddingtonCentral development Development Securities PLC and Morley Fund Management have exchanged contractswith hotel group Accor to develop a new hotel as part of the second phase of thePaddingtonCentral development. The four-star hotel, with 206 rooms, will be launched as an addition to Accor'supgraded Novotel brand and was designed by Moren Gregory in conjunction withKohn Pedersen Fox. Development Securities has now submitted plans to Westminster City Council forapproval. Once permission has been granted, construction and fit out of thehotel is expected to take 18 months. Morley Fund Management, joint developers on PaddingtonCentral together withDevelopment Securities, were advised by CB Richard Ellis Hotels. Morley wasseparately advised by CB Richard Ellis' West End Investment team. Julian Barwick, Joint Managing Director, Development Securities PLC, commented: "We are delighted that PaddingtonCentral will now have its own four star hotel.The development's existing retail and restaurant space is fast filling up, andthe hotel will be a clear additional attraction to companies looking to takeoffice space in our phase two buildings. The inclusion of hotel use confirmsPaddingtonCentral as London's pre-eminent model of mixed use, urbanregeneration." For further information please contact: Alison Howard, The Communication Group 020 7630 3837 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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