Global Hyatt Corporation (GHC) and JER Partners have closed the £150m purchase of the Great Eastern Hotel (GEH) in London from Conran Holdings and Blackstone Group.

Hyatt, which owns 215 hotels and resorts worldwide with another 30 under development, and JER, the private equity investment arm of J.E. Robert Companies, first announced the joint acquisition in February this year.

The 267-room hotel will be rebranded under the Hyatt Regency name in January 2007 and the five restaurants and four bars will continue to operate as sub-brands of GEH.

The decision over the restaurants and bars – including the Aurora, Fishmarket, George and Terminus – was made in late April after Hyatt thought it “unethical” to sign an advisory agreement.

The Grade II-listed Victorian hotel, in the City of London, originally opened in 1884 and was reopened in 2000 after an extensive £65m renovation.