Historic London hotel to be sold
The historic Grade II listed 267-room Le Méridien Piccadilly in London is to be sold for around £90 million.
The property will be sold subject to a management agreement with Starwood Hotels & Resorts and will continue to operate as a Le Méridien hotel.
“Despite the financial uncertainty, there is a great deal of interest in this property, which is in a particularly coveted location,†said Eric Kudlak, managing director Europe, of real estate broker Molinaro Koger.
“While perceived as one of the world’s leading destinations, London presents investors with extremely high barriers to entry.
“Lack of potential development land limits the opportunity to enter the central London market and conversion opportunities are rare and usually demand major capital improvements.“
Recent operating statistics at Le Méridien indicate an occupancy level above 87% and revenue per available room above £187.
The hotel generated £18 million in room revenues and more than £23.7 million in total revenues last year.
by Phil Davies
Phil Davies
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