Iconic London hotel Grosvenor House has been put on the market after its owner was placed into administration.
The five-star, 494-bedroom hotel became the largest hotel transaction on record in London when it was sold by RBS in 2010 for £470m. The property is expected to sell for in excess of £500m this time.
Deloitte was appointed administrator to Sahara Grosvenor House Hospitality, which owns the lease on the property.
Administrators will now work with Jones Lang LaSalle (JLL) which has been appointed to sell the property on Park Lane.
Mark Wynne-Smith, global CEO at JLL Hotels & Hospitality Group, said: “The last hotel transaction on Park Lane took place two years ago and as the market has strengthened since then, we are looking forward to engaging with investors in an open marketing process.
“The hotel is set apart from its Park Lane hotel peers due to its extensive banqueting facilities, whilst the lease to Marriott International means that we expect the asset to appeal to a broad range of local and global investors.”
