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17/01/2011

W London Hotel development for sale

Jones Lang LaSalle Hotels has been appointed to sell Northern Ireland developer McAleer & Rushe’s W London Hotel which is…

Jones Lang LaSalle Hotels has been appointed to sell Northern Ireland developer McAleer & Rushe’s W London Hotel which is under development, in London’s West End. The 210,000 sq ft property, in Wardour Street, will be put up for sale possibly next month. The price tag has been estimated at about £200m and many UK institutions are expected to put in offers.

The 192-bedroom development is the site of the former Swiss Centre. The Northern Ireland developer purchased it seven years ago from British Land for £47m. The sale of the freehold includes a 35,000 sq ft shop which M&M’s World has pre-let – Mars Retail Group’s first outlet.

It is believed McAleer & Rushe received several off-market approaches to fund reinvestment in new projects and the hotel is on target to open on February 14.

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