BNP Paribas Real Estate (BNPPRE) has sold The Exhibitionist hotel in London for £10.6m (€12.3m) to an undisclosed buyer.
BNPPRE said it has sold the 37-bed freehold boutique hotel on Queensberry Place in South Kensington for 15% over its quoting price.
The property dates back to 1876 and formerly comprised two interconnecting Victorian townhouses arranged over lower ground, raised ground and five upper floors. The property became a hotel in the late 1980s and underwent extensive refurbishment in 2015.
Richard Talbot-Williams, senior director, hotels at BNP Paribas Real Estate, said: “Investor sentiment towards rarely traded prime London hotel assets has remained extremely robust and durable through the pandemic period, a time during which there has continued to be a very limited supply of ‘proceedable’ hotel investment opportunities.
“The competitive nature of the bidding for this prime townhouse hotel from both domestic and foreign buyers demonstrates a very high level of future confidence in the success of London hotels, in which we are great believers.”
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet