South Place hotel sold for £67m
South Place hotel, operated by D&D London, has been sold by its owner Frogmore to an international investor.
Frogmore has not released details of the deal but the 80-bedroom hotel situated between London's Liverpool Street and Moorgate is believed to have been bought by Tian An China Investments Company for £67m.
D&D will continue to operate the hotel under the new ownership.
CBRE Hotels, who advised on the deal, said that London remained appealing for international buyers, particularly those looking for long-dated fixed income investments in the hotel sector.
CBRE Hotels director Marc Nelson added: "In this low interest rate environment, the allocation of hotel real estate within investment portfolios continues to remain attractive to investors, given the enticing risk-adjusted returns and ability to appropriately match long-term liabilities with long-term investments."
Frogmore chief executive Jo Allen said the deal concluded the firm's interest in the development of the site, which was originally intended for office use.
She added: "We were delighted to work with Gerard Nolan & Partners on a pre-letting of the hotel to D&D, followed by securing planning consent, undertaking construction and watching the hotel revenue grow and stabilise. Frogmore wishes the new owner and D&D every success with the ongoing venture."
Tony Fleming to depart South Place for new boutique hotel >>
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