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Marriott Hotel Grosvenor Square sold for £125m

02 April 2014 by
Marriott Hotel Grosvenor Square sold for £125m

The leasehold of Marriott Hotel Grosvenor Square has been sold to Hong Kong based private equity firm Joint Treasure for £125.1m.

Strategic Hotels and Resorts sold the leasehold of the 237-room hotel to concentrate on its US hotel portfolio.

The deal for the hotel, which will continue to be operated under a management agreement by Marriott, was negotiated by Jones Lang LaSalle (JLL).

Located close to London's Oxford Street, the hotel is home to Gordon Ramsay's Maze and Maze Grill.

George Nicholas, executive vice-president at JLL's Hotels & Hospitality group, said: "The sale represents yet another vote of confidence in the London hotel investment market, and successfully completes Strategic Hotels & Resorts' objective of exiting the asset.

"The formal sale process attracted over a dozen offers from investors who are still seeking to place capital in to London hotel real estate. Both Asian and Middle Eastern investors remain the most eager"

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