An overseas investor has snapped up the Pembridge Palace Hotel off a guide price of £30m.
The Grade-II listed property was sold on behalf of Singaporean based Lum Chang Holdings Limited (LCH) to an undisclosed buyer, following a competitive period of bidding with Savills citing interest from both European and South East Asian investors and brands hoping to get a bit of the hotel market in London.
The 120-bed hotel predominately caters for tourists, located a short walk from Hyde Park, Bayswater, Queensway and London Paddington.
Gary Witham, director in the hotels team at Savills, comments: “The central location and scale of Pembridge Palace Hotel invited a large amount of interest from European and South East Asian investors and brands looking for a foothold in London. We also had a lot of interest from private family office investors keen on acquiring London hotels offering value.”
According to the latest research from Savills, London hotels accounted for half of all UK hotel transactions in 2016. Interest from overseas investors accounted for 29.2% of all 2016 transaction volumes, with private investors increasing their transaction volumes by 152% year-on-year.