DTZ Investors has purchased the majority freehold interest in the Como Metropolitan hotel, on London’s Old Park Lane, for more than £70 mln (€83 mln) from casino giant Genting.
Tony Brothwell, fund manager at DTZ Investors, said: 'We have been looking to purchase a secure, prime Central London hotel investment for some time and this is just about as good as it gets. The asset will be a core holding for Strathclyde Pension Fund bringing the portfolio size to over £2 bn.'
The stake acquired comprises the majority of the 5-star COMO Metropolitan Hotel, together with nine luxury apartments operated by the hotel, the majority of the renowned Colony Club Casino & part of Nobu Restaurant.
The hotel has 144 bedrooms, a gym, spa and events spaces.
CBRE advised Genting on the sale, while Knight Frank advised DTZ Investors.
Marc Nelson, director, hotel investment properties, CBRE said: 'Having the chance to own prime Mayfair real estate on one of the most well-known and prestigious hotel locations in the world is extremely rare and always presents as an exceptional opportunity.
'We received significant interest from both domestic and international capital sources, demonstrating that the prime London market and the hotel sector remains buoyant.'