Redefine International (RI), a real estate firm with a primary listing on the London Stock Exchange and secondary listing on the South African bourse, has bought the remaining 40 percent in hotel operator BNRI Earls Court (BNRI) for £6.3 million ($10.4m), it said on Monday.

BNRI owns the 150-bedroom Holiday Inn Express Hotel in Earls Court, London. The deal will be funded by using part of the money RI made from its recent share placement.

In addition, it will be funded with further co-investment, on a pro rata basis, by the existing co-investors in Redefine Hotel Holdings (RHH), a subsidiary of RI.

Mike Watters, the CEO of RI, said in some parts of London the limited services hotel sector continues to flourish.

“This, combined with our in-depth knowledge of the performance of this particular hotel and our on-going belief in the potential of this sector, supports our confidence that the transaction will deliver a high quality income to our investors,” Watters said.

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