Buyer sought for Paddington’s Sonder Voyage hotel

A four-star Sonder The Voyage hotel in Paddington, W2, has been put up for sale with a guide price of around £16m. Eden Capital has been appointed to find a buyer for the freehold of the hotel, which was refurbished in recent years. It has 55 ensuite rooms and two lifts, and measures 16,000 sq ft. The agent is acting jointly with Strettons on the sale. The hotel is offered on private treaty via Eden but will be included in a Strettons auction on 18 April if it is not sold before then. The hotel’s value per key is £290,000, which Eden said is the “most competitive” rate in W2. It is leased to Sonder for a term of four years unexpired outside of the Landlord and Tenant Act 1954. The hotel is owned by a family office vehicle called Mayfair Investment and Management, according to EG Radius. It is marketed as an asset management opportunity. Sami Harith of Eden Capital said: “The hotel sector has experienced a positive trajectory in performance trends, particularly with stronger occupancy rates and revenue per available room rates demonstrating London’s position as the centre for tourism and business; as well as being the gateway city for international travel. “This is supported by recent transactions ranging from boutique hotels to larger premium hotels which is expected to rise in light of the UK government’s recent proposals to regulate the short lets sector operating under C3 use.” Investment comparables in Paddington >> Image © Eden Capital