Genting sells stake in COMO Metropolitan hotel
Genting has sold its freehold interest at 19 Old Park Lane in Mayfair, W1 – which includes the majority of its five-star COMO Metropolitan hotel – for more than £70m.
EG previously revealed that Project Tyburn, which also includes part of the Nobu London restaurant, a majority stake in Colony Club casino and nine of 19 luxury serviced apartments, was put up for sale for £68m.
The assets have been bought by DTZ Investors, on behalf of its Strathclyde Pension Fund.
Genting has sold its freehold interest at 19 Old Park Lane in Mayfair, W1 – which includes the majority of its five-star COMO Metropolitan hotel – for more than £70m.
EG previously revealed that Project Tyburn, which also includes part of the Nobu London restaurant, a majority stake in Colony Club casino and nine of 19 luxury serviced apartments, was put up for sale for £68m.
The assets have been bought by DTZ Investors, on behalf of its Strathclyde Pension Fund.
The hotel has 144 bedrooms, a gym, spa and events spaces, and is situated among a successive row of the most famous hotels in London.
Marc Nelson, director, hotel investment properties at CBRE, said: “We received significant interest from both domestic and international capital sources, demonstrating that the prime London market and the hotel sector remains buoyant.”
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.”
CBRE advised the seller, while Knight Frank acted for DTZ Investors.
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