Hong Kong’s Cheng family has put one of London’s most exclusive hotels up for sale with a price tag of £450m (€601.5m) - more than three times the amount it paid for the building 10 years ago.
Hong Kong’s Cheng family has put one of London’s most exclusive hotels up for sale with a price tag of £450m (€601.5m) - more than three times the amount it paid for the building 10 years ago.
The five-star Rosewood London hotel, located on High Holborn, is being sold by the Cheng family’s investment firm, CTF Development, and marketed by Eastdil Secured on an invitation-only basis to up to 20 potential buyers.
The list is believed to comprise a number of global sovereign wealth funds and high net worth individuals from outside the UK. The hotel is being sold subject to a management agreement with the ultra-luxury Rosewood brand, owned by the Cheng family’s company New World Hospitality, which will continue to operate the 306-bedroom hotel.
Built in 1914 in the Belle Époque style as the headquarters of the Pearl Assurance Company, which occupied it until 1989, the hotel opened as the Marriott-run Renaissance Chancery Court Hotel in 2000. The Cheng family bought the property in 2006 for £135m and in 2013 embarked on an £85m renovation to convert the building to the Rosewood London.
