London’s largest luxury hotel, the JW Marriott Grosvenor House hotel, has been put on the market after its owner, Sahara Grosvenor House Hospitality, was put into administration.
London’s largest luxury hotel, the JW Marriott Grosvenor House hotel, has been put on the market after its owner, Sahara Grosvenor House Hospitality, was put into administration.
JLL Hotels & Hospitality Group has been appointed the sole agent to market the luxury five-star hotel on behalf of administrator Deloitte. The asset sold for a record £470 mln (€650 mln) in 2010.
Located at 86-90 Park Lane overlooking Hyde Park, the hotel boasts 494 bedrooms including 74 suites and spans over 56,700 m2 in total. It is let to Marriott International with 37 years unexpired.
'The last hotel transaction on Park Lane took place two years ago and as the market has strengthened since then, we are looking forward to engaging with investors in an open marketing process,' said Mark Wynne-Smith, Global CEO of JLL Hotels & Hospitality Group.
Designed by architect Sir Edwin Luytens of New Delhi, the JW Marriott Grosvenor House Hotel was built on the site of Grosvenor House, the former London residence of the Dukes of Westminster, whose family name is Grosvenor.
Sahara India Pariwar, the Indian conglomerate run by billionaire Subrata Roy, bought the asset in December 2010 from lender RBS. It underwent a £135 mln refurbishment in 2008.
