MIPIM: McAleer & Rushe puts London hotel on the market

McAleer & Rushe has launched the £200 mln (EUR 233 mln) sale of its W Hotel-led development on London's Leicester Square at the MIPIM trade fair in Cannes.

W London is situated on the corner of Leicester Square and Wardour Street, on the site of the former Swiss Centre. The hotel provides 192 guest rooms, including 21 suites. In addition to the hotel, McAleer & Rushe's new 10-storey building houses 11 two- and three-bedroom penthouses and a 35,000 sq ft (3,250 m2) M&M's World store.

McAleer & Rushe has appointed Jones Lang LaSalle and Steerforth Partners to advise on the sale.

'London remains a key focus for hotel investors, who continue to seek out prime located, high quality assets,' said JLL Hotels' managing director Jonathan Hubbard. 'The W Hotel is a superb hotel development situated in one of the capital's most iconic districts. Following on from some landmark hotel deals in 2010 across Europe, such as the Crillon and Lutetia in Paris, Berners in London and Le Richemond in Geneva, this sale will generate global interest.'

Damian Corbett, head of Capital Markets at JLL said: 'Demand for prime assets in London's West End continues to outstrip supply. In a market still starved of quality assets but a definite appetite for investments of this kind, we are confident of securing a high level of interest in this sale, particularly from overseas buyers.'