Townhouse Hotels has sold its last remaining property in London, the Dukes hotel in St James's for an estimated £35m-£40m.
The deal is the last in a series of three sales and marks the end of David Naylor-Leyland's group, Townhouse Hotels Investment, and his involvement in the industry.
Originally a property developer, Naylor-Leyland had owned London's Franklin and Egerton House hotels before he sold them recently for a rumoured £20m.
Naylor-Leyland said: "I want to get on with the rest of my life. I will invest in property again and a range of other projects but I needed the time and money to invest in them."
The Dukes hotel was
bought by Dubai-based hotel and real estate developer Seven Tides.
It is understood the
private investment company, which owns and is developing Dubai's Palm Island site, will invest in the property and plans to employ an English management company to run the hotel.
Property agents Jones Lang LaSalle handled the sale.