Developer sells £200m hotel

A COOKSTOWN property company has defied the economic downturn with the £200m sale of a plush London development.

McAleer and Rushe said it exchanged contracts with a Qatar-based investor to sell the landmark W London-Leicester Square development.

The iconic 1- storey development which opened in February on the corner of Leicester Square includes a 192-bedroomed W London Hotel, 11 luxury penthouses and Europe’s first M&M’s World store.

It is part of the wider McAleer and Rushe development known as the Swiss Centre. The firm is owned by Seamus McAleer and Eamonn Laverty and has been responsible for major development schemes across the UK and Ireland.

McAleer and Rushe’s managing director Eamonn Laverty said: “This has very much been a flagship, showcase development for McAleer & Rushe. We built a hotel that is instilled with the highest levels of design and exclusivity that one would expect of such a glamorous brand as W and on such a prominent site, on one of London’s most famous squares.”

He said the funds raised by the sale would be reinvested in the business.

In recent years the firms focus has been on cities in England. It is currently planning developments in Sheffield, Leeds and Newscatle.

In March it confirmed that some of its £61m in bank loans have been taken over by the Irish government’s National Asset Management Agency (NAMA).

McAleer and Rushe said it had submitted a business plan to NAMA which assumed that all its loan facilities would stay in place.