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Chrysos Hotel has been purchased by the French hotel group, Touriste Collection.
The Paddington site was purchased by the international group who is now looking to expand its portfolio in the UK market.
Established in Paris in 2008, Touriste Collection now plans to “extensively upgrade and modernise” the hotel, as well as increase the number of bedrooms onsite.
Chrysos Hotel was established over 25 years ago, and is sited in a series of converted Georgian properties in Norfolk Square, London.
Its previous owners, the Souglis family, originally acquired one building before purchasing its neighbouring property 10 years later.
Both buildings now interconnect on the lower ground and ground floor, and feature both a large entrance lobby and reception area.
Andrew Evangelou, director at Christie and Co, who handled the sale, said: “From the outset, the hotel generated tremendous interest from both UK and overseas buyers.
“Paddington has always been a popular area amongst hoteliers, however it has seen a high increase in demand for assets of this size of late, as the whole area is being extensively developed.”
Jeremy Jones, head of brokerage (hotels) at Christie & Co, said: “We had a whole range of competitive interest in the Chrysos Hotel from both domestic and overseas buyers.
“Despite the very real market challenges at the moment, we are delighted to announce this important sale which underlines the continued global appeal for London hotels”.
The hotel was sold for in excess of the guide price.
