Frogmore has put its South Place Hotel, EC2, back on the market.
It has instructed JLL and CBRE to sell the 80-bedroom City of London hotel, which is expected to attract offers of more than £70m.
Frogmore originally tried to sell the asset last year through Gerard Nolan for £80m, equating to an investment interest of £1m per room. However, despite attracting some interest, no deal was agreed.
Frogmore bought the property in 2009 intending to develop it into an office building called The Chandelier, but altered its strategy during the financial crisis and developed a 72,000 sq ft boutique hotel.
The hotel is leased to restaurateur D&D London, formerly known as Conran Restaurants, which has 32 years remaining on its lease. It also includes Michelin-starred rooftop seafood restaurant The Angler as well as bars and private dining facilities.
It is one of the final assets in the Frogmore Real Estate Partners I fund, which closed in October 2006 having raised around £330m of equity.
To send feedback, email amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette
