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Sale of Intercontinental Park Lane wins commercial deal of the year at Norwood Awards lunch
London, 25th June 2013 -Jones Lang LaSalle’s Hotels & Hospitality Group team celebrated success as client Intercontinental Hotel Group (IHG) scooped an award at the annual Norwood Property Lunch for Commercial Deal of the Year.
This award went to IHG for the sale of the Intercontinental Park Lane, Number one Park Lane, London, advised by Jones Lang LaSalle’s Hotels & Hospitality Group. The 447 bedroom trophy hotel was successfully sold in April this year for £301, 500,000 to a private Middle Eastern investor.
The sale was the largest ever sale and manageback of a single asset in the London hotel market and the only ever sale and manageback transaction to have occurred on the world famous Park Lane. The hotel was sold subject to a 60 year long term management agreement with InterContinental Hotels & Resorts. Philippe Bijaoui accepted the award on behalf of IHG which was presented by Tania Bryer from CNBC.
The Norwood Property Awards which took place on 21 June are held annually and recognise achievement in the property field.
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