InterContinental Hotel Group (IHG) has agreed the sale of its May Fair hotel in London to a consortium of buyers for more than £130m, it has been confirmed.
The newly demerged hotel arm of Six Continents declined to comment, but the sale is expected to be finalised by property operator Jones Lang LaSalle in mid-June.
The buying consortium is widely believed to include Cola Holdings, a privately owned business run by Bakir Cola. There are suggestions the consortium plans to convert the hotel to residential flats, offices or even a new boutique hotel.
Cola Holdings owns the Westbury hotel in Mayfair, Harrington Hall in South Kensington and the Kingsway Hall in the Strand. The company also owns the De Vere Park in Kensington and the Kensington Posthouse, which it bought from IHG last year for £70m.
Cola was listed as one of the UK's wealthiest hoteliers in this year's Sunday Times Rich List with £55m.
The 289-bedroom hotel was put on the market by IHG last year after receiving a number of unsolicited offers. Following the offers, InterContinental put a planned £63m refurbishment programme on hold.