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GL scraps talks over sale of London hotel

GL Limited, formerly known as GuocoLeisure, has scrapped talks over a possible sale of its Thistle Kensington Gardens Hotel in London, it said in a Singapore Exchange filing on Wednesday.

The group noted that its board had said in November 2015 that its subsidiary, GLH Hotels Group, was "exploring the sale" of GLH's shares in the owner and the operator of the Thistle Kensington Gardens Hotel.

"GLH was in discussions with potential buyers", the group said, but added: "The board wishes to announce that, after careful consideration, GLH has decided not to continue with the above sale process." It did not elaborate.

The hotel has 175 rooms and was recently valued at £42 million (S$84.66 million), according to an RHB Research note on Dec 9 last year.

GL shares rose half a cent to S$0.86 on Wednesday before its announcement.