HotelsProperty

COMO Metropolitan hotel freehold sold for £70m

Casino giant Genting has sold its freehold interest in the COMO Metropolitan hotel to DTZ Investors for over £70m.

The 5-star site, found on Old Park Lane in London, received “significant interest from both domestic and international” interest.

The 144-room hotel also has a gym, a spa and event spaces.

As well as the majority of the COMO Metropolitan Hotel, the freehold investment opportunity includes nine luxury apartments operated by the hotel, the majority of the Colony Club Casino and part of Nobu Restaurant.

Parts of the property will still be owned by a private investor. 

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 at 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.”

Global real estate advisor, CBRE, advised Genting on the sale of the site, while Knight Frank advised the buyer. 

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