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Radisson Edwardian Buys One of the Most Famous London Cinemas

Odeon cinema theatre located in Leicester Square is an iconic place that has been visited by numerous celebrities and members of the royal family. Now it is reported that Irish debt agency has sold this property. The new owner is Radisson Edwardian, a famous hotelier. In order to obtain the property, the company has paid around 100 million of pounds (approximately 120 million of Euro). It is already known that the site has a permission to be redeveloped, so in the nearest future the iconic cinema may be turned into a modern two-screen cinema, a hotel with 245-guestrooms, several restaurants and even fully serviced apartments.

Odeon West End is widely known not only as one of the biggest screens in the UK, but also as a popular location of various premieres. For this purpose Odeon West End is often used together with Odeon cinema located on 22-24 Leicester Square.

Prior to sale to Radisson Edwardian Odeon was the property of three Irish investors – Pat Whelan, Pat Chesser, and Paul Hanby. However, due to a series of unpaid loans the property went to Ireland bank that put it into sale. Such property as Odeon rarely appears on the market, so this is a real success for Radisson Edwardian. The new owner doesn’t reveal its plans for the site, but the company’s chief operating officer states they are happy to be involved into the further development of this wonderful square in London. Radisson Edwardian targets mostly leisure travellers and will be glad to offer them new exciting services and entertainments. The company has very ambitious plans concerning the new purchase and promises they will create new jobs in the area.

23.02.2012

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