Sir David and Sir Frederick Barclay have sold The Cavendish hotel on Jermyn Street, SW1, to serviced apartment business Ascott for £158.8m.
Ascott, a subsidiary of Singapore-based property company CapitaLand, will transform the four-star hotel into a serviced residence under the group’s Residence brand. It will be renamed Ascott St James London.
The acquisition of The Cavendish will increase Ascott’s portfolio to seven properties in central London. It also manages more than 5,000 bedrooms across 45 properties in 20 cities in Europe.
As revealed by Estates Gazette, the Barclay brothers first appointed CB Richard Ellis Hotels to sell The Cavendish for £240m in February 2011.
Chong Kee Hiong, Ascott’s chief executive officer, said: “London is one of the strongest and most resilient hospitality markets where demand from business and leisure travellers for international-class serviced residences continues to grow.
“This is an attractive opportunity to acquire a quality operating property which is strategically located in the prestigious Mayfair area. We see the potential to transform this property into one of the best luxury serviced residences in London. The acquisition of The Cavendish London is in line with our articulated strategy to seek investment opportunities in key growth cities in Asia and Europe.”
Jones Lang LaSalle advised the Barclay brothers.
Annabel.Dixon@estatesgazette.com
