Le Meridien Piccadilly sold for £64m

23 July 2010 by
Le Meridien Piccadilly sold for £64m

The five-star, 266-bedroom Le Meridien Piccadilly hotel, London, has been bought by Host Hotels & Resorts for £64m.

The purchase price includes the assumption of a £33m mortgage. Previously owned by Starman Hotels, the hotel has recently undergone a £6m refurbishment and includes a health club featuring one of the largest indoor hotel swimming pools in London.

Starwood Hotels will continue to operate the hotel under the Le Meridien brand.

Felicity Black Roberts, property director for Starman Hotels, said: "In keeping with our divestment strategy, we are delighted with the sale of this property. We chose Host as our preferred purchaser owing to their track record and they have secured an excellent addition to their portfolio."

Host, a US-based company, is one of the largest owners of luxury hotels, which are operated under a variety of different brands. It currently owns 110 properties with a total of 61,000 rooms.

The sale of the property was handled by Jones Lang LaSalle Hotels.

Starman hotels seeks up to £70m for Le Meridien Piccadilly >>

Le Meridien on Piccadilly for sale for £90m >>

Starwood inches nearer to Le Meridien deal >>

By Janet Harmer

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