JLL’s Hotels & Hospitality Group announced the sale of the five star, 237 bedroom London Marriott Hotel Grosvenor Square, Mayfair on behalf of owners Strategic Hotels & Resorts, Inc. (NYSE: BEE).
The hotel, which is located just metres away from London’s retail and business precincts of Oxford Street, Park Lane, Regent Street, Bond Street and Berkeley Square, was sold with the benefit of a long term management agreement to Marriott.
The West End hotel offers extensive conference and private dining facilities and is home to Gordon Ramsay’s Michelin starred restaurants Maze and Maze Grill.
George Nicholas, Executive Vice President in JLL’s Hotels & Hospitality group, who negotiated the sale, commented: “The sale represents yet another vote of confidence in the London hotel investment market, and successfully completes Strategic Hotels & Resorts’ objective of exiting the asset.
“The formal sale process attracted over a dozen offers from investors who are still seeking to place capital in to London hotel real estate. Both Asian and Middle Eastern investors remain the most eager”.
Recent research conducted by JLL into the London Hotel market shows that investors from Asia and the Middle East continue to be attracted to London hotel assets. 2013 trends in this sector suggest that US based private equity funds and other investors are increasingly looking towards Europe and London.
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