JLL Hotels has announced the sale of Le Meridien Piccadilly, in the heart of London's West End, on behalf of Starman Hotels. The grade II listed, 266-room leasehold hotel was acquired by an affiliate of Host Hotels & Resorts for £64 mln (EUR 77 mln). The hotel has recently undergone a considerable renovation programme and provides 12,000 sq ft (1,115 m2) of meeting space, plus a restaurant, bar, gym and swimming pool.
JLL Hotels has announced the sale of Le Meridien Piccadilly, in the heart of London's West End, on behalf of Starman Hotels. The grade II listed, 266-room leasehold hotel was acquired by an affiliate of Host Hotels & Resorts for £64 mln (EUR 77 mln). The hotel has recently undergone a considerable renovation programme and provides 12,000 sq ft (1,115 m2) of meeting space, plus a restaurant, bar, gym and swimming pool.
'This transaction confirms the strong appetite investors have in the London hotel market at present,' said Robert Seabrook, managing director for JLL Hotels. 'Strong trading fundamentals, a comprehensive international marketing exercise and transferable debt have facilitated an extremely smooth and successful transaction for all parties concerned.'
In Italy, Jones Lang LaSalle Hotels has completed the sale of the 134-room Holiday Inn Genoa City hotel in Genoa, northern Italy. The property was sold on behalf of its developer and owner, Sviluppo Cantore, which is owned by Gruppo Viziano's Progetti e Costruzioni spa and Sara spa. The transaction price of EUR 15 mln reflects a gross yield of 7%.
Located on the waterfront of Genoa, the hotel offers around 7,500 m2 of space across eight floors. It was acquired by Socrate, a real estate investment fund managed by Fabrica Immobiliari, and will continue to be operated by the Italian hospitality firm CHC City Hotels Company.
'The closing of the Holiday Inn Genoa City sale represents one of 2010's first large transactions in the Italian hotel market, which is recently showing good growth perspectives,' said Fabrizio Trimarchi of JLL Hotels, who was involved in the process.
