MWB seeks £110m for the Marriott Hotel on Park Lane London

by Angela , Monday 31st January 2005 16:00

Property investor Marylebone Warwick Balfour (MWB) has put the London Marriott Hotel Park Lane on the market for £110m.

 

MWB and co-owner the Sincere Group of Hong Kong have asked property agent Jones Lang LaSalle to seek buyers for the 157-bedroom Grade II-listed property, which opened in November 2002 following a £95m conversion into a hotel.

 

The site – whose freehold is ultimately owned by the Grosvenor Estate – includes three retail units on Oxford Street.

 

The move follows MWB’s profitable sale of the Howard hotel in London last year for £75m. The group wants to focus on its two boutique brands, Malmaison and the Hotel du Vin chain it acquired last October for £66.4m.

 

It intends to double the combined number of boutique hotels from 15 to 25 or 30 over the next five years.

 

The planned sale will not affect Marriott’s management contract with the Park Lane hotel, which runs until 2038 and guarantees the owner a minimum of £5m a year between 2006 and 2012.

 

MWB also owns the Marriott hotel at West India Quay in London, and the Radisson SAS hotel in Glasgow’s Argyle Street.

 

by Angela Frewin

 

 

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