The 28 properties of the foreclosed von Essen luxury hotel portfolio are being put up for auction this week.
The auction comes after the U.K. hotel group defaulted on more than US$357 million (€250 million) in debt in April. The hotels, which include Cliveden House in Berkshire, Royal Crescent in Bath and Thornbury Castle near Bristol, continue to operate.
The portfolio may be bought as a whole or sold off piecemeal in the auction.
London property magnate Andrew Davis founded von Essen Hotels in the 1990s. The firm fell into financial difficulty due in part to its aggressive acquisition strategy, along with an inability to maintain acceptable RevPAR rates at its pricey provincial properties through the economic downturn.
