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Laing made to sweat as hotel is sold

LAING O'Rourke's grip on a £70 million hotel refurbishment contract in London slipped further this week when the hotel was sold.

The Intercontinental Hotel Group picked Laing O'Rourke last November to carry out a major refurbishment of the Mayfair Intercontinental.

But the firm's selection came at a time when rival operators were circling the hotel with an eye to buying it from Intercontinental.

Work on the scheme was put on the back burner until any sale was resolved.

The hotel group announced last Friday that it had sold the building to rival Radisson Edwardian Hotels for £115 million.

The proceeds from the sale included a small discount for the cost to the group of cancelling the refurbishment.

A spokeswoman for Radisson said that no decision had been made as to whether it would carry out its own major refurbishment.

She said: 'We would like to carry out a refurbishment to put our stamp on the hotel but we are not necessarily going to go with the original plans.

'We are not just going to pick up where they left off.'