A London hotel with a £30 mln (€35 mln) price tag has been sold by Singapore's Lum Chang Holdings (LCH) to an overseas investor.
Savills advised LCH on the deal.
The 120 bedroom, Grade II listed Pembridge Palace Hotel is located in Bayswater, near Hyde Park, and attracts mainly tourists, said Savills.
'The central location and scale of Pembridge Palace Hotel invited a large amount of interest from European and South East Asian investors and brands looking for a foothold in London. We also had a lot of interest from private family office investors keen on acquiring London hotels offering value,' commented Gary Witham, director in the hotels team at Savills.
According to Savills' latest research, London hotels accounted for half of all UK hotel transactions in 2016. Interest from overseas investors accounted for 29.2% of all 2016 transaction volumes, with private investors increasing their transaction volumes by 152% year-on-year.
