Compass Hospitality is to run a hotel in London for the first time after the sale of the Arosfa hotel in Fitzrovia to Singapore-based Buxani Group, off a guide price of £2.95m.
The Grade-II-listed Arosfa hotel, which is close to the British Museum and Oxford Street, will be Compass Hospitality's 16th hotel in the UK.
The 17-bedroom property dates back to 1780 and was a former home to the famous pre-Raphaelite artist Sir John Everett Millais.
Kishore Buxani, founder and CEO of Buxani Group said: "We are thrilled to welcome the Arosfa hotel into our diverse portfolio of projects. This strategic expansion in London marks our third hotel in the UK managed by Compass Hospitality since last year and highlights our robust confidence in the market."
Harmil Singh, CEO of Compass Hospitality, added: "On the back of encouraging performance across our UK portfolio, we are happy to expand and to set foot in the capital. We continue to be committed to the UK market and we are eyeing further expansion in the coming months."
The sale of the property was handled by Savills.