Busy year for London hotel transactions

This year is on course to be the busiest since 1995 for sales of independent hotels in London, according to property adviser Chesterton International.

Despite the slump in tourism and the economic slowdown, property values in the capital had remained buoyant, and the prospects for 2002 were good, said Chesterton.

Hotel property prices in central London had showed no decline on the previous 12 months, with properties in the W2 postal area selling for, on average, 27% more than in 2000.

Of the 700 private hotels in London, 18 had changed hands so far this year, compared with 23 in 2000. All but one were owned by independent operators.

The total value of transactions over the past five years was £1.5b, said Joel Goldman, head of Chesterton's hotels department.