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St Ermin's hotel up for sale for £165.5m

St Ermin's hotel up for sale for £165.5m

The St Ermin's hotel in Westminster has been put on the market for £165.5m.

Commercial property specialist Jones Lang LaSalle has been appointed to exclusively market the hotel on behalf of holding firm St Ermin's Operating.

Jones Lang LaSalle said it was advertising it with a guide price of £500,000 per room with the vacant possession freehold of the property available to potential buyers.

Currently operated by Accor under its MGallery brand - its first in the UK - the property reopened last year following a four-month, £30m refurbishment that saw it transformed into a four-star de luxe property with 331 bedrooms.

US hotel investment and management firm Amerimar was among a group of investors that bought St Ermin's from NH Hotels two years ago for £65m.

George Nicholas, executive vice-president at Jones Lang LaSalle, said that London hotels had recorded the highest revpar growth of any UK city over the past year, underpinned by continued strength in the tourism sector.

"With 331 luxurious guest rooms, freedom to brand and operate the hotel to a buyer's liking and just under an acre of freehold land, this represents a distinguished and rare investment opportunity.

"The St Ermin's hotel is fantastically located in one of London's most sought-after districts, so we expect there to be a high level of interest in this sale," he said. "Over £2b of investment of new and refurbished office and retail space is due to be completed between 2012 and 2016.

"This trend, which will augment the existing corporate demand, will continue through the decade as the result of a dramatic master plan which is under way."

St Ermin's reopens by welcoming the world's press for Royal Wedding >>

St Ermins to become Accor's first MGallery hotel in London >>

St Ermins closes for four-month £30m transformation to four-star de luxe hotel >>

By Janie Manzoori-Stamford

E-mail your comments to Janie Manzoori-Stamford here.

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