Afternoon:
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Simon Cowell's brother Nicholas has bought the five-star Verta hotel at Battersea Heliport for around a third of the £50 million colourful tycoon Andrew Davis spent building it, it emerged today.
The Verta went into administration in July, separately from Davis's von Essen portfolio, which was repossessed in April and has been partly sold in dribs and drabs ever since.
The hotel is to rebranded Hotel Verta by Rhombus, as US-based Rhombus International Hotels takes over the management contract of the 70-room site.
Rhombus manages four award-winning hotels in Hong Kong.
Agents Christie + Co sold the site. One rival agent said Cowell had spent "£17 million to £18 million" on the deal, slightly shy of the
£20 million asking price.
The price paid, in spite of the views of the River Thames reflects the awkward location in the middle of a heliport.
