Berners hotel in London for sale for £60m

31 August 2010 by
Berners hotel in London for sale for £60m

The vacant 193-bedroom Berners hotel in London has been put up for sale, for a price in excess of £60m, after being placed in administration.

Currently closed for refurbishment, the interior is yet to be completed, providing the new owner with the opportunity to customise the final design of the hotel which is situated close to Oxford Street.

Jane Moriarty and James Tucker, of KPMG, were appointed joint administrators of the hotel in August. The property was owned by JJW Hotels & Resorts which also owned the Eton Collection of seven boutique hotels, which was placed into administration earlier this year.

Michelle Webb, senior vice-president at Jones Lang LaSalle Hotels, who is managing the sale, said that the hotel is a rare freehold, trophy property development opportunity.

"With much of the refurbishment work already completed, and with planning consent in place, it is at the perfect stage for an investor to buy the building and finish the development to their preferred specification," she said.

"The Berners hotel is a fantastically located hotel in one of London's most sought after districts, so we expect there to be a high level of interest in this sale from a diverse range of players."

Berners hotel was originally five houses which were built in 1835. The properties were converted to a hotel in the early 1990s, before closing in 2006 for a significant redevelopment and upgrade.

Eton Collection founder Peter Tyrie to set up new hotel>>

JJW Hotels enjoy a record 2005>>

JJW buys the Eton Collection>>

By Janet Harmer

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