Casino giant Genting has sold its freehold interest in COMO Metropolitan hotel in London for over £70m.
The five-star hotel has been acquired by DTZ Investors, after global real estate advisor CBRE received ‘significant interest’ from both domestic and international capital sources.
The freehold investment opportunity comprises the majority of the COMO Metropolitan Hotel, together with nine apartments operated by the hotel, the majority of the renowned Colony Club Casino & part of Nobu Restaurant.
The hotel has 144 bedrooms, a gym, spa and events spaces, situated on London’s Old Park Lane.
Tony Brothwell, fund manager at DTZ Investors said “We have been looking to purchase a secure, prime central London hotel investment for some time and this is just about as good as it gets. The asset will be a core holding for Strathclyde Pension Fund bringing the portfolio size to over £2bn.”
Marc Nelson, director, hotel investment properties, CBRE said: “Having the chance to own prime Mayfair real estate on one of the most well-known and prestigious hotel locations in the world is extremely rare and always presents as an exceptional opportunity. We received significant interest from both domestic and international capital sources, demonstrating that the prime London market and the hotel sector remains buoyant.”
Knight Frank advised DTZ Investors on the acquisition.