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Le Meridien Piccadilly sold for £64 million
Jones Lang LaSalle Hotels has confirmed that it has completed the sale of Le Meridien Piccadilly, in the heart of London's West End, on behalf of Starman Hotels, a joint venture between Starwood Capital and Lehman Brothers.
The Grade II listed, 266-room leasehold hotel has been acquired by an affiliate of Host Hotels & Resorts for £64million. Host Hotels is a US-based real estate investor focusing on hotels and lodging properties globally.
The hotel, which recently underwent a redevelopment programme, boasts 12,000 sq ft meeting space, a restaurant, a health and fitness club and an indoor swimming pool.
Felicity Black-Roberts, property director for Starman Hotels, said: "We chose Host due to their track record and they have secured an excellent addition to their portfolio."
Robert Seabrook, managing director for Jones Lang LaSalle Hotels, said: “This transaction confirms the strong appetite investors have in the London hotel market at present. Strong trading fundamentals, a comprehensive international marketing exercise and transferable debt have facilitated an extremely smooth and successful transaction for all parties concerned.”
The Grade II listed, 266-room leasehold hotel has been acquired by an affiliate of Host Hotels & Resorts for £64million. Host Hotels is a US-based real estate investor focusing on hotels and lodging properties globally.
The hotel, which recently underwent a redevelopment programme, boasts 12,000 sq ft meeting space, a restaurant, a health and fitness club and an indoor swimming pool.
Felicity Black-Roberts, property director for Starman Hotels, said: "We chose Host due to their track record and they have secured an excellent addition to their portfolio."
Robert Seabrook, managing director for Jones Lang LaSalle Hotels, said: “This transaction confirms the strong appetite investors have in the London hotel market at present. Strong trading fundamentals, a comprehensive international marketing exercise and transferable debt have facilitated an extremely smooth and successful transaction for all parties concerned.”
Fri, 23rd Jul 2010