Northern Ireland firm in £200m London hotel deal
A Tyrone property company has defied the economic downturn with the £200m sale of a plush London development.
McAleer and Rushe, which is based in Cookstown, said it exchanged contracts with a Qatar-based investor to sell the landmark W London-Leicester Square development.
The iconic development 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.
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.