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Park Lane Marriott is up for sale for £100m

29 March 2005 by
Park Lane Marriott is up for sale for £100m

The Marriott hotel on Park Lane has been put on the market for £100m, it was revealed this week.

Agent Jones Lang LaSalle has been appointed by owner Marylebone Warwick Balfour (MWB) to find a buyer for the Grade II-listed, 157-bedroom property.

The sale will not affect the hotel's operation by Marriott, which has a management contract until 2038 and guarantees the new freeholders a minimum of £5m a year for the next six years.

A spokesman for MWB said the move was part of a rationalisation and simplification of the company's assets and a desire to return money to shareholders. "The decision is indicative of MWB's increasing focus on the boutique sector of the hotel market," he said. "We will be putting more resources into developing the Hotel du Vin and Malmaison brands and want to take the combined chains up to around 25-30 over the next five years."

It is believed that MWB is currently looking for a suitable property for the Malmaison brand in Paris.

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