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News Release

London

Two London Iconic Hotels Sold


Jones Lang LaSalle Hotels announces the successful sale of the Sanderson and St Martins Lane hotels on behalf of Morgans Hotel Group Co and an affiliate of Walton Street Capital, owners of the London joint venture that owns both Sanderson and St Martins Lane, to Capital Hill Hotels Limited, a Middle Eastern investor with other global hotel holdings, for £192 million. 

Giorgio Manenti, Executive Vice President Jones Lang LaSalle Hotels, said: “This sale is great news for the market and reinforces the international appeal of European gateway cities for real estate investors.  Jones Lang LaSalle Hotels has a long term relationship with both of these London iconic hotels having advised the joint venture in the refinancing process in 2010 with Aareal Bank. We are delighted to have now completed the sale and helped to create additional value to the assets from a combination of our services.”

The combined sale price for the two hotels represents a value of approximately £542,000 or $847,000, per room.  Morgans Hotel Group Co (MHG) will continue to operate the Sanderson and St Martins Lane hotels under long-term management agreements.