London Marriott Hotel Grosvenor Square Leasehold on the Market for £180m
Location: Grosvenor Square, Mayfair, London, UK
Name: Marriott Hotel Grosvenor Square
No. of Keys: 237
The Property: The hotel started life as Grand Metropolitan’s Europa Hotel in the 1960s and changed hands several times, most recently to Hong Kong’s private equity firm Joint Treasure who paid £125m in 2014, to the then owner, Strategic Hotels of the USA.
Joint Treasure did try to sell the leasehold in July 2017 for £200m via Eastdil…the trouble being the leasehold only has 38 years left to run. They are now asking £180m.
Marriott have a long-term management agreement so forget flag-free! The new owned would need to acquire an leasehold extension from freeholder, Grosvenor (Estates).
Gordon Ramsay’s previously Michelin-starred Maze restaurant was located in the hotel until it closed in January, and is set to be replaced by a new concept.
The hotel is opposite the due-to-be-opened new Biltmore Mayfair, owned by Millennium Copthorne.
Main Photo: The exterior of the hotel
Tenure: Short Leasehold
Brand/Management: Under long-term HMA with Marriott
Current Owner: Joint Treasure
Guide Price: £180m
Agent: JLL
Date Posted: September 2019
THPT Comment: What a piece of real estate…if one could get the freehold, or at least 150 leasehold extension
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