NYSE-listed Strategic Hotels has sold the Marriott Grosvenor Square in London to Hong Kong private equity firm Joint Treasure for £125 mln (€150 mln).
NYSE-listed Strategic Hotels has sold the Marriott Grosvenor Square in London to Hong Kong private equity firm Joint Treasure for £125 mln (€150 mln).
After debt, Strategic will be left with around €70 mln, which will be invested in the US.
'By closing on the sale of the Marriott London Grosvenor Square, we are finalising our exit of the European market, as previously committed,' said CEO Raymond Gellein.
Joint Treasure International is a group of Hong Kong and Singapore families that has previously bought 'trophy' assets in the US. It is paying €633,000 per room for the 237-room hotel, which sits in the heart of the exclusive Mayfair district.
International law firm Paul Hastings advised Strategic Hotels & Resorts on the sale.The team was led by London real estate partner Jeff Diener and included partner Ronan O'Sullivan and associate Matthew Poxon on corporate issues, and partner Arun Birla and associate Jiten Tank on tax issues.