A number of landmark London hotels have been put up for sale over the past month, as owners seek to cash in on the low value of sterling and the upswing in the commercial property market.
Occupancy rates have surged in the last six months, resulting in higher profits and a marked optimism amongst hoteliers about short and medium term prospects. The attractiveness of some of the more well-known hotels in the capital has drawn in investors from abroad, particularly from the Middle East, who are keen to add illustrious trophies to their portfolios.
St James's Hotel and Club, which sits just off St James’s Street in W1, close to Piccadilly and Green Park, has been placed on the market for £60 million.
The luxurious hotel and club is presently owned by property investors, the Landesburg and Rosenburg families. They bought the hotel for £20 million five years ago from Sir Cyril Stein, the former boss of Ladbrokes and have since spent millions of pounds in refurbishment.
Property agents Savills and Gerard Nolan & Partners have been drafted in to seek a buyer, after the owners had received several unsolicited approaches for the venue.
It has been suggested that the Egyptian-owned Britannia Hospitality may be attracted to the sale of the 60-room hotel, having recently bought up the nearby Stafford hotel. The buildings could be combined to create a larger hotel.
Leisure entrepreneur Peter de Savary launched the hotel in 1980, and has been frequented by businessmen and celebrities ever since.
The prestigious five-star Grosvenor House hotel on Park Lane in Mayfair has been put up for sale by RBS who face pressure to offload its property portfolio. The hotel is managed by Marriot and has 494 letting rooms. It is thought the hotel could fetch as much as £600 million in a trade sale.
Also currently on the block include the Splendid Hotel Group, with its seven hotels, and the Park Inn at Hyde park which is being marketed for around £35 million.
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