Sun, 12 May 2019 | BUSINESS SALE
Jones Lange LaSalle have been appointed to sell the iconic Mayfair hotel The Cavendish for a sum rumoured to be around £250 million.
The 230-bedroom hotel sits across the way from the Fortnum & Mason department store on Jermyn Street. Rates range from £215 a night for a basic room to £1100 a night for t penthouse suite, which overlooks Big Ben.
The owner of the hotel is CapitaLand, one of Asia’s largest real estate companies. Headquartered and listed in Singapore, it owns and manages a global portfolio worth S$91 billion as at 31 March 2018, comprising integrated developments, hotels, shopping malls, serviced residences, offices, homes, real estate investment trusts (REITs) and funds.
CapitaLand bought the hotel for £159 million in 2012, making again of £90 million, or an 8 per cent increase in value per year on top of annual profits.
A spokesman for the company told Bloomberg, “A CapitaLand spokesperson said “we constantly evaluate opportunities to maximise returns to shareholders. We will make an announcement if there are any definitive agreements.”
In the early 20th century, The Cavendish was run by socialite Rosa Lewis – better known as the Duchess of Duke Street. The hotel was bombed during the Blitz and was rebuilt on its present site in 1966 where it has continued to provide stylish and contemporary 4-star accommodation.
Overseas interest in UK hotels continues to surge, as acquirers foresee continued resilience in the accommodation sector, with a weak pound assisting.
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