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'In' or 'Out' for Monaco hotel group?
2010-01-22 20:40
As London addresses go you can't get much closer to the historic seat of power than Egremont House, the home of Lord Palmerston, twice Prime Minister under Queen Victoria.
The splendid Palladian mansion, also known as No 94 Piccadilly, was until 1999 the home of the Naval and Military Club - which rapidly became known as 'The In and Out Club' because of the words still visible painted on the gateposts.
Now, SBM, the Monte-Carlo based owners of the Hotel de Paris and the Casino, have expressed interest in buying the 18th-century property, which is currently worth an estimated £250,000,000.
The previous owner, property developer Simon Halabi - unable to meet the cost of the hoped-for refurbishment as a luxury hotel - put the building on the market in October, since which time SBM has been one of two main bidders in the frame to buy the historic club building. The other interested party is the owner of London's celebrated 'Ivy' restaurant.
SBM are keen to expand beyond Monte Carlo, particularly at this point in the property market. They have simultaneous plans in Marrakesh - where they have just signed a management contract - and in several other cities worldwide, destinations to which they expect to be able to bring that blend of quality and style already familiar to their clients in Monaco.
Alex Went