Harrington Hall Hotel in South Kensington, SW7, is being relaunched to market with a £120m price tag.
The vendor, Saudi Arabian multinational the Olayan Group, is working with JLL on the marketing process.
There have been previous attempts to sell the 200-bedroom property this year. It nearly sold to Ashkenazy Acquisition Corp, which is buying the Grosvenor House Hotel, earlier this year. However, a deal between Ashkenazy and Olayan Group was never completed.
The hotel comes with vacant possession. Its previous owner, Spanish Group NH Hotels, sold the hotel to Olayan Group in 2014 for £90m. At the time, NH chief executive Federico González Tejera said it could no longer justify owning the hotel when residential property prices had risen so much in London.
If a sale at the asking price is agreed, it will mark a considerable profit for Olayan Group. It was previously looking to sell the hotel for closer to £130m.
JLL is also running an operator selection process alongside the sale. The operator opportunity has been quietly marketed previously, but a preferred party has still not been selected. A new owner could manage the hotel under an owner-operator platform or work alongside a brand with a management contract.
The Olayan Group has interests in other European hotels. In 215, it bought the Hotel Ritz in Madrid for €130m (£155m).
A formal marketing process is expected to begin at the end of this month.
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