UK: CBRE advised Genting on the sale of the boutique hotel on London’s Old Park Lane to DTZ Investors for over £70 million.
The freehold investment includes the majority of the COMO hotel, as well as nine luxury apartments operated by the hotel, the majority of the Colony Club Casino, and part of the Nobu Restaurant.
The five-star property comprises 144 bedrooms, a gym, spa, and events spaces.
Tony Brothwell, fund manager at DTZ Investors, said: “We have been looking to purchase a secure, prime central London hotel investment for some time, and this is just about as good as it gets. The asset will be a core holding for Strathclyde Pension Fund, bringing the portfolio size to over £2 billion”.
Knight Frank advised DTZ Investors on the acquisition. DTZ is a specialist real estate fund manager, and is part of the Cushman & Wakefield Group.
Marc Nelson, director of hotel investment properties at CBRE, added: “Having the chance to own prime Mayfair real estate on one of the most well-known and prestigious hotel locations in the world is extremely rare and always presents as an exceptional opportunity. We received significant interest from both domestic and international capital sources, demonstrating that the prime London market and the hotel sector remains buoyant”.