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London, 31st August 2010 – Jones Lang LaSalle Hotels has been appointed by Jane Moriarty and James Tucker, the joint administrators of Berners (BVI) Limited, to sell The Berners Hotel in the heart of London’s West End. The freehold property, which is available with vacant possession, has planning consent for an upscale hotel of up to 193 bedrooms. With the interior design yet to be completed, the purchaser will be able to customise the final design. The hotel could be completed by early 2012, prior to the London Olympics.
Richard Stanley and Jemma McAndrew of Jones Lang LaSalle’s Real Estate Workout team were appointed LPA Receivers over the property in June 2010, before the administration in August. The shareholder of the company, JJW Limited, also owned the Eton Collection of hotels (Eton Group Limited was also put into administration earlier this year).
Michelle Webb, Senior Vice President at Jones Lang LaSalle Hotels who is managing the sale, said: “This is a rare freehold, trophy hotel development opportunity with vacant possession. With much of the refurbishment work already completed, and with planning consent in place, it is at the perfect stage for an investor to buy the building and finish the development to their preferred specification.”
Located in close proximity to Oxford Street, The Berners Hotel is within walking distance of many of London’s key tourist attractions including Theatreland, Soho and the exclusive retailers of Bond Street and Regent Street.
Webb continued, “Hotel investors and operators have been frustrated by a lack of realistically priced hotels in the London market. The Berners Hotel is a fantastically located hotel in one of the London’s most sought after districts, so we expect there to be a high level of interest in this sale from a diverse range of players.”
During the last twelve months the UK has dominated the European hotel investment market recording over £550 million worth of sales, accounting for nearly 33% of all transactions across the region. However, none of these sales have represented a five star hotel with vacant possession.
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Notes to Editors:
– Berners Hotel dates back to 1835 when it was built as five classic houses. These were then converted into one hotel in the early 1990s, before closing in January 2006 for a significant redevelopment and upgrade but has yet to reopen.
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