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Case Study

Iconic London hotels sold to Middle Eastern investor

Jones Lang LaSalle Hotels has advised a joint venture between Morgans Hotel Group and Walton Street Capital in the sale of the 354-room Sanderson and St Martins Lane hotels offered with the benefit of a management contract.
 
The Sanderson and St Martins Lane hotels, conveniently located in vibrant parts of London, benefit from a strong branding and reputation in the market. The area surrounding the Sanderson is characterized by the fashion and media industry, whereas the St Martins Lane is situated close to London’s main theatre district. A shortage of sites in London creates substantial barriers to entry for new competitive supply in the centre of London, providing strong pricing power for the properties.
 
The two luxury assets, held under a freehold and virtual freehold tenure, benefit from different positioning which makes them complementary. Following a targeted global marketing campaign Jones Lang LaSalle Hotels was able to attract significant interest in these two prime London hotels encumbered by management with Morgan Hotel Group.
 
In October 2011 the vendor exchanged contracts to sell its glamorous properties to a Middle Eastern investor. The transaction closed in November 2011 at a price of £210 million including £18 million of planned renovations.
 
For more information, please contact: Giorgio Manenti, +44 207 399 5697.

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