Cola Holdings has brought a portfolio including the five-AA-star, 225-bedroom Westbury hotel to market.
The freehold portfolio, which also includes the Burberry store on Bond Street and Washington House (home of the Conduit Club), is expected to go for more than £1b. The Westbury was expected to go on the market for more than £600m, The Caterer reported last month.
Having owned the hotel for more than 20 years, the Cola family has recently received planning permission to extensively redevelop the hotel, including an extension to the rear, the rebuild of the sixth and seventh floors, and a new eighth floor. This will enable a reconfiguration of the floors to create much larger rooms and a number of suites.
Anthony Selwyn, co-head global retail at Savills, said: "It is extremely rare for a mixed use freehold opportunity like this to come to market with exceptional hotel development potential and existing ultra-prime retail. We expect investors from all over the globe to be very competitive in their attempts to secure this fantastic trophy in London."
Robert Stapleton, director, Savills EMEA hotels, added: "The sale of the Westbury presents a once in a generation opportunity to acquire one of London's most sought-after hotels and, with the benefit of the planning consents we've secured, the hotel can be substantially remodelled and extended to create one of London's finest hotels befitting its extraordinary prime Mayfair location."