BTN Europe presents an overview of business travel and MICE predictions for this year
London’s Marriott Hotel Grosvenor Square has been sold for £125.1 million to a Hong Kong-based investment firm.
The hotel will continue to be a Marriott-branded property under an existing “long-term” management agreement.
The lease for the property has been sold to Far Eastern private equity firm Joint Treasure by its current owner Strategic Hotels & Resorts.
The 237-room Mayfair property, which has been the host venue for the GTMC annual general meeting during the last few years, also includes two Gordon Ramsay restaurants Maze and Maze Grill.
The market for buying London hotels has been booming so far in 2014 with £527.8 million spent purchasing hotel property in the first three months of the year.
Deals include the purchase of the Chelsea Harbour Hotel, formerly a Wyndham property, by Millennium & Copthorne in January for £65 million, and Marriott’s London Edition which was snapped up by the Abu Dhabi Investment Authority for £150 million.