Genting sells Park Lane Mews Hotel to Orka jv

Casino giant Genting has sold its four-star boutique Park Lane Mews Hotel in Mayfair, W1, to alternative investment firm Orka Investments and Boston-based Bain Capital Credit. It is understood that both the 72-room hotel and 17 adjacent homes have been bought for under £80m. Both the hotel and the homes are set to undergo an extensive refurbishment under its new owners. The works will involve revamping the guest rooms and communal areas including the lobby, bars and restaurants. Genting had previously bought the hotel for £45m from Chelsfield Partners in 2011. It is thought that the property has been brought to market a few times in recent years, at one point with an asking price of around £120m. Fabio Longo, managing director of Bain Capital Credit, said in a statement: “Our expertise in the UK hospitality industry will allow us to invest strategically in the facilities and reposition the venue to reach its full potential. “This further enhances the substantial real estate portfolio we have built throughout Europe, which we are actively growing through attractive investment opportunities.” Raoul Malhotra, co-founding partner of Orka, said: “Orka has long-term conviction in the London residential and hospitality market, particularly in the Mayfair district, which historically has been removed from overall market dislocations.” Malhotra added that Orka will build “a wider platform” in collaboration with Bain Capital. To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Use EG Radius to view other current availabilties in Mayfair >> Photo © Park Lane Mews Hotel