Majority of London's Metropolitan hotel up for sale for £40m

24 June 2013 by
Majority of London's Metropolitan hotel up for sale for £40m

The majority of the five-star Metropolitan by Como hotel in London is up for sale.

Property agent Christie + Co, which is handling the sale on behalf of Canada Life investors, said the opportunity offered a rare piece of London real estate, which includes a major part of the hotel, adjacent to Park Lane and Piccadilly.

The freehold investment benefits from two co-terminus 125-year leases, with approximately 78 years unexpired. The tenant, Comojo (Gibraltar Ltd), also sub-lets part of the property to the Colony Club Casino, operated by Genting UK.

The opportunity, available in the form of an asset acquisition comprises the majority of The Metropolitan Hotel together with nine apartments and the Colony Club Casino.

The hotel has been named the Metropolitan ever since a major re-fit in 1997, accommodating the first Nobu restaurant in Europe and the former members-only Met Bar. The hotel comprises 102 guest-rooms and nine apartments.

Director and Head of Investment at Christie + Co, Jonathan Parrish, says: "Opportunities on Park Lane, particularly freehold investments, are the rarest of rare things. With its long income profile, substantial passing rent (set to increase considerably at the next rent review in 2015), and the high quality reputation of the tenant, we expect a competitive process for this investment opportunity, attracting investors from the UK and worldwide."

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