Jones Lang LaSalle appointed to sell iconic London hotel
St. Ermin’s Hotel in Westminster has been put to market by global fund manager Angelo Gordon and hotel manager Amerimar, in a move to capitalise on the investor demand for hotel assets in London.
The vacant possession freehold offers “an international branding opportunity in one of the most highly sought after hotel markets in the world” and Jones Lang LaSalle Hotels will exclusively market the owning company for sale.
George Nicholas, executive vice president at Jones Lang LaSalle Hotels who is managing the sale, said: “London hotels have recorded the highest RevPAR growth of any UK city over the past year, underpinned by continued strength in the tourism sector. With 331 luxurious guest rooms, freedom to brand and operate the hotel to a buyer’s liking – and situated on just under an acre of freehold land – this represents a distinguished and rare investment opportunity.”
Partners Angelo Gordon, Amerimar and Gracemark fully renovated the Grade II listed period building, originally constructed in 1889, to return the hotel to its former glory. The iconic and prestigious St Ermin’s features brick-built Dutch gables, baroque and rococo plasterwork with a garden courtyard.
In April 2012, the St Ermin’s was named in Condé Nast Traveller’s Hot List of the world’s best new hotels. In addition, the property is ranked in the top two per cent of London hotels by TripAdvisor, with a ranking above hotels such as the Stafford, Dorchester, Goring, Langham, Claridges, Connaught, Berkeley and Savoy.
Nicholas added: “The St Ermin’s hotel is fantastically located in one of London’s most sought after districts, so we expect there to be a high level of interest in this sale. The hotel is incredibly well connected to the London transport network and shrouded by iconic London landmarks. Over £2 billion of investment of new and refurbished office and retail space is due to be completed between 2012 and 2016. This trend, which will augment the existing corporate demand, will continue through the decade as the result of a dramatic master plan which is underway.”