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CBRE Hotels Announce the Sale of the Largest Ever Single Asset Hotel Transaction in Europe

By on Jan 18, 2011 in Hotel-Tourism

18 January 2011, Bangkok –  The Grosvenor House Hotel, Mayfair, London was sold for £470m (THB 22 billion) by CBRE Hotels acting as sole agent.

The 494 bedroom, Park Lane property (operated by JW Marriott) represents the largest ever single asset hotel transaction (by sale price) in Europe.

The iconic hotel has a unique place in the London 5-star market and as such attracted wide investor interest. Sahara India Pariwar acquired the hotel from RBS on the 30th December 2010. The transaction occurred in the same year that CBRE Hotels also sold the single largest hotel in Europe (by number of bedrooms) for many years – London’s Cumberland Hotel, also located in Mayfair.

CBRE Hotels is an international service provider focused exclusively on hospitality with dedicated teams in America, Europe, Middle East and Asia Pacific. CBRE Hotels offer a diverse range of service lines to help clients maximise the value of their investments, including transaction management, debt and equity placements, development, asset management and valuation and advisory services. The company also provides strategic direction and operational advice, which may include positioning the property for sale, selecting the appropriate brand, evaluating management agreements and assisting in refurbishment or redevelopment.

Locally in Thailand, CBRE has also successfully selected a hotel operator for Ashlee Company Limited, the owner of a new hotel in Phuket. The 108-key hotel which soft opened in December 2010 is managed by Centra, the latest hotel brand by Centara Hotels & Resorts. CB Richard Ellis provided strategic advice on the selection of the hotel operator and was closely involved in the hotel management contract negotiations, providing its in-depth understanding of the hotel industry for the hotel owner to select the most effective brand to operate their hotel.

Nora has been in the Corporate Communications arena for a number of years. Nora's role is to communicate all newsworthy items that are of a PR nature.

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