An unnamed Qatar-based investor has bought the W London hotel for nearly £200m.
The hotel, designed by Jestico & Whites, features 192 bedrooms across 10 floors and also include 11 luxury apartments and the first M&M’s World store to be established in Europe.
Leicester Square’s W London was developed and constructed by Northern Irish firm McAleer & Rushe and the company’s managing director, Eamonn Laverty, believes the hotel is located in one of the capital’s prime spots.
Laverty said: “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.”
The hotel was shortlisted for a number of architectural awards prior to the offer from the Qatari investor, while it won best UK development at MIPIM, a prestigious international property show held in Cannes.
McAleer & Rushe property director Stephen Surphlis emphasised how pleased the company was to complete the deal.
“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,” he said. “We are particularly pleased to have concluded such a successful transaction.””
The building has a number of unique features to help it stand out on London’s crowded streets. It is covered in translucent glass that switches colour to suit the ambience of the area, time of day and events going on within the hotel.
It caught the eye of a number of international investors, according to Steerforth Partners and Jones Lang LaSalle, who acted as advisers on the sale.
Jones Lang LaSalle Hotels managing director Jon Hubbard said: “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.
“The current lack of stock continues to drive competition for good-quality assets.”