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News Release

London

Starman Hotels Sells Le Meridien Piccadilly, London, to Host Hotels & Resorts


London, 22nd July 2010 – Jones Lang LaSalle Hotels today confirmed the sale of Le Meridien Piccadilly, in the heart of London’s West End, on behalf of Starman Hotels.  The grade II listed, 266-room leasehold hotel has been acquired by an affiliate of Host Hotels & Resorts for £64 million.  The hotel has recently undergone a considerable capital expenditure programme and provides 12,000 sq ft meeting space, plus a restaurant, bar, gym and swimming pool.

Felicity Black-Roberts, Property Director for Starman Hotels, said “In keeping with our divestment strategy, we are delighted with the sale of this property. We chose Host as our preferred purchaser due to their track record and they have secured an excellent addition to their portfolio”

Robert Seabrook, Managing Director for Jones Lang LaSalle Hotels, said “This transaction confirms the strong appetite investors have in the London hotel market at present.  Strong trading fundamentals, a comprehensive international marketing exercise and transferable debt have facilitated an extremely smooth and successful transaction for all parties concerned.”