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UK: South Place Hotel, in the City of London, has been sold by owners Frogmore for around £70 million.
Details of the transaction have not been disclosed, but South Place is reported to have been sold to Tian An China Investments, and will continue to be run by operators D&D London.
Frogmore chief executive Jo Allen said: “We were delighted to work with Gerard Nolan & Partners on a pre-letting of the hotel to D&D, followed by securing planning consent, undertaking construction and watching the hotel revenue grow and stabilise. Frogmore wishes the new owner and D&D every success with the ongoing venture.”
Marc Nelson, director at CBRE, which advised on the deal, said: “In this low interest rate environment, the allocation of hotel real estate within investment portfolios continues to remain attractive to investors, given the enticing risk-adjusted returns and ability to appropriately match long-term liabilities with long-term investments.”
