Photo: © Copyright Russell Trebor and licensed for reuse under this Creative Commons Licence.
The Premier League has approved the sale of two hotels by Chelsea football club to another company linked to the club’s owners The sale ensures Chelsea avoid falling foul of the Premier League’s spending rules.
Company accounts in April showed that the Millennium and Copthorne hotels next to Stamford Bridge had been sold for £76.5million.
The sale will allow Chelsea to reduce its losses from £166m to £89m and avoid sanctions activated by profit and sustainability rules. Premier League clubs are currently permitted maximum losses of £105m over a three-year period.
The hotels changed hands from Chelsea FC Holdings Ltd to BlueCo 22 Properties Ltd, both companies under the control of Todd Boehly and Clearlake Capital ownership, and has been cleared because the deal has been deemed to be fair market value.
In July Citadines-owner Ascott Limited announced plans to take management of the 232-bedroom hotels and rebrand the properties as its first Lyf hotel in the UK by the end of 2025.
Ascott’s chief commercial officer said Lyf was chosen over its 13 other brands because of its “strong appeal with the younger demographic” and its “experience-driven” offering.
The Lyf brand was created in 2016 and started in Singapore before expanding into Europe for the first time last year. It now operates in 21 cities and is aiming to reach 150 sites by 2030.
