Date: November 2018
Location: Park Lane, Mayfair, London, UK
Name: The Grosvenor House, a JW Marriott Hotel
No. of Keys: 496 plus serious banqueting space (2000 pax), restaurants and bars
Seller: Following on from AAC’s acqusition of this ultimate “jewel in the crown” on London’s Park Lane, for, we believe, £600m in July 2017, the hotel has been sold again.
Buyer: Qatar’s Katara Hospitality. The AAC was advised by Colliers International’s hospitality asset management division, which will asset manage the hotel on behalf of its new owners.
Ben Godon and Joseph Kassouf, who are responsible for hospitality asset management at Colliers International, said: “This transaction demonstrates a growing appetite from Middle Eastern investors for core hotel real estate in London due to high liquidity, a dynamic market and a comprehensive understanding of our local tax and legal systems.
The acquisition of the JW Marriott hotel follows Qatar’s purchase of one of New York’s most iconic buildings, the Plaza Hotel, for approximately $600m (£461m), in May 2018.
THPT Comment: No real surprise here… From it’s opening in 1929 to the acquisition by Lord Forte in the 1960s, the hotel has had a host of owners in recent years, but maintained stability by the management contract of Marriott and the steady hand of GM, Stuart Bowery since 2011.
First Seen: Boutique Hotelier