The average property price of a hotel room in London is now higher than the price of the average London flat.
Analysing £1.5bn of two- to five-star central London hotel deals carried out in the past two years, Colliers International found 2,500 rooms had traded at an average of £500,000 each.
That compares with an average price of a flat or maisonette in the capital of £417,234, based on December 2014 Land Registry data.
The findings – unveiled during the Hotel Investment Forum in Berlin this week – came as one of London’s highest-profile hotels formally hit the market.
JLL has been tasked by administrators with finding a buyer for Park Lane’s Grosvenor House Hotel, W1, – which broke the record for the largest London hotel deal when it was bought by Subrata Roy’s Sahara in 2010. Bids this time are expected to top £500m.
