A prime site comprising the majority of the Metropolitan by Como hotel, adjacent to Park Lane, has been sold to a private UK-based buyer, for more than its £40m asking price.
It comprises 102 of the five-star hotel's 144 bedrooms, nine apartments, Nobu restaurant and the Colony Club Casino.
Situated on Old Park Lane, between Park Lane and Piccadilly, the hotel was originally built in 1967 and was previously known as the Londonderry hotel. It was renamed in 1997, after undergoing a major refurbishment following its acquisition by Kuo International, the holding company of Beng Seng and Christina Ong, owners of the nearby Halkin hotel.
Jonathan Parrish, director and head of investment at Christie + Co, the property company which handled the sale on behalf of Canada Life investor, said the property attracted more than 100 enquiries from both domestic and overseas investors within a week of it being put on the market.
"The exchange of contracts with the new owner took place within two weeks of agreeing a sale," he explained. "The speed of the sale, and the achievement of a sale price in excess of asking price, emphasises what a rare opportunity this was, and confirms the strength of the investment market in London."