InterContinental Park Lane sold for £301.5m

Posted by: Victor Pardis on 3rd abril 2013
Last month, the Qatari backed investment group bought Paris's Hotel du Louvre, MIPIM favourite, the Hotel Martinez in Cannes, and the Palais de la Mediterranee in Nice. 

The InterContinental London Park Lane opened in 1975 with an extensive £83m refurbishment of the hotel conducted by IHG in between 2005 and 2007. Operated by IHG, under its InterContinental brand, the 447 room hotel was sold subject to a long term management agreement with InterContinental Hotels & Resorts. George Nicholas, Executive Vice President of Northern European Transactions at Jones Lang LaSalle Hotels and Hospitality Group said, “The sale represented an extremely rare investment opportunity with only a handful of trophy Mayfair hotels changing hands during the last decade. We were dealing with numerous qualified investors from all over the world; however, we selected this private investor because they share the same meticulous vision for the asset and passion for the brand”. George Nicholas added: “We are delighted with this successful outcome, which highlights the continued breadth and depth of investor interest for prime London hotels. This is truly a record breaking transaction.” The Park Lane deal is the fourth major UK hotel transaction of 2013 for Jones Lang LaSalle Hotels & Hospitality Group, taking the value of hotels sold by JLL this year to over £976m. 

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