W London sold for nearly £200m
The 192-bedroom W London has been sold for nearly £200m to a Qatari-based investor, in one of the most high-profile hotel transactions of the year.
Part of a mixed-use scheme on the site of the former Swiss Centre in Leicester Square, the 10-storey property includes 11 luxury apartments and Europe's first M&M's World store.
Developed and constructed by McAleer & Rushe and designed by Jestico & Whiles, the scheme has won best UK development at international property show MIPIM, held in Cannes, and has been shortlisted for several other architectural awards.
McAleer & Rushe's managing director, Eamonn Laverty, said the development had been a flagship project for the company.
"We built a hotel that is instilled with the highest levels of design and exclusivity that one would expect of such a glamorous brand as W and on such a prominent site, on one of London's most famous squares. We have also created one of the most exclusive branded apartment schemes in London, with the full benefit of catering and other services provided by the W Hotel."
McAleer & Rushe's property director, Stephen Surphlis, added: "There was always going to be a lot of interest in this scheme given its architectural quality, the long leases and strength of the international covenants of Starwood Hotels & Resorts Worldwide and Mars Retail Group, and the strong demand for prime London property. We are particularly pleased to have concluded such a successful transaction."
Jones Lang LaSalle and Steerforth Partners, who both advised on the sale, said the W Hotel had attracted a lot of interest from international investors.
"London remains the focus for global capital and this sale reinforces the international appeal of London for real estate investors, recognising the long-term strength of the London hotel market," said Jon Hubbard, managing director of Jones Lang LaSalle Hotels. "The current lack of stock continues to drive competition for good-quality assets."
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By Janet Harmer
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