MWB seeks £110m for the Marriott Hotel on Park Lane London
Property investor Marylebone Warwick Balfour (MWB) has put the London Marriott Hotel Park Lane on the market for £110m.
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MWB and co-owner the Sincere Group of Hong Kong have asked property agent Jones Lang LaSalle to seek buyers for the 157-bedroom Grade II-listed property, which opened in November 2002 following a £95m conversion into a hotel.
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The move follows MWB's profitable sale of the Howard hotel in London last year for £75m. The group wants to focus on its two boutique brands, Malmaison and the Hotel du Vin chain it acquired last October for £66.4m.
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It intends to double the combined number of boutique hotels from 15 to 25 or 30 over the next five years.
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The planned sale will not affect Marriott's management contract with the Park Lane hotel, which runs until 2038 and guarantees the owner a minimum of £5m a year between 2006 and 2012.
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MWB also owns the Marriott hotel at West India Quay in London, and the Radisson SAS hotel in Glasgow's Argyle Street.
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by Angela Frewin
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