New Selfridges owners unveil plans for luxury hotel at flagship Oxford Street store
The new owners of Selfridges have confirmed plans to reopen the business’s old hotel as part of a revamp at the famous Oxford Street department store.
The sale of heritage department store group Selfridges was confirmed last week, with Central Group and Signa entering into a final agreement to acquire the business from the Weston family.
The sale will see Central and Signa operate all the stores in Selfridges Group including Selfridges, de Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland, which will continue to be run by the existing leadership teams, as well as their e-commerce platforms and operating companies.
The businesses said they would prioritise upgrading the food hall at Selfridges and develop a luxury hotel in part of the building that has been empty since 2008, when the old Selfridges Hotel was closed.
Signa’s Executive Chairman Dieter Berninghaus told the Financial Times that developing the hotel and apartments would mean “significant value upside potential”. “The purchase price merely reflects the valuation of the main Selfridges building and its retail utilisation,” he added.
The financial details of the transaction were not publicly disclosed but reports suggest that the Westons had placed a £4bn price tag on the group when it was put up for sale earlier this year. Around £2bn on that value was for property, including the iconic London store.