Belfast Telegraph

Nama sells famous Leicester Square Odeon to hotel company

By Graham Ruddick

The Republic's 'bad bank' Nama has sold the Leicester Square Odeon, one of London's most famous cinemas, to Radisson Edwardian.

The hotel group is understood to have paid around €120m (£100m) for the site, which has planning permission to be redeveloped into a modern two-screen cinema, 245-bedroom hotel, restaurants and apartments. The cinema holds one of the biggest screens in the UK and is regularly used for premieres.

The site was previously held by a trio of investors - Pat Chesser, Pat Whelan and Paul Hanby.

Allsop was appointed as receiver to the site last year and a sale process was launched.

Jon Gershinson, a receiver for Allsop, said sites like the Odeon "rarely come to the market".

Radisson Edwardian said it would unveil its plans for the site in the "coming weeks".

Paul Mansi, chief operating officer at subsidiary Edwardian Group, said: "Edwardian is delighted to have the opportunity to be involved in this development.

"The acquisition, and our ambitious plans, will both create jobs in the area and put the spotlight firmly back on the revitalised Leicester Square."