Pakistani family buys 5-star hotel in London

Savills and Gerard Nolan & Partners, on behalf of a UK property company, have sold St James's Hotel & Club, 7 - 8 Park Place, London for a price in the region of £55-£60 mln (EUR 64-70 mln) to Pakistan's billionaire Mansha family.

The price achieved equates to £917,000 - £1 mln per bedroom.

The 60-bed freehold property is managed by Althoff Hotels. It is a luxury five-star boutique hotel, set within a Victorian Townhouse and located in a quiet cul-de-sac off St James St and in Central London.

Phillip Johnston, head of Savills hotels, said: 'London remains a strong market and attracts large amounts of interest from overseas buyers. The price per room is one of the most significant achieved in this sector and reflective of the high demand for prime locations.'

The transaction represents one of the most expensive hotel deals on a price per room basis, reaching similar levels to that achieved by the Savoy (sold in 2005) and the Maybourne Group of hotels, including Claridges, Berkeley and Connaught (sold in 2004 as a portfolio). The sale of the St James's Hotel & Club follows the disposal of the Stafford Hotel by Savills in September 2009 for approximately £740,000 per bedroom.