A Park Lane freehold investment comprising the majority of The Metropolitan by COMO hotel owned by Canada Life has been sold to a UK-based investor for well in excess of the £40 million asking price. The investment was brought to market by specialist property adviser Christie + Co.
This prime piece of London real estate, adjacent to both Park Lane and Piccadilly, also houses the Colony Club Casino and Nobu Restaurant.
The hotel was presented in many guises in the past, and after a major re-fit in 1997 was re-named The Metropolitan by COMO and transformed into a 5-Star lifestyle hotel – accommodating the first Nobu restaurant in Europe and the former members-only Met Bar. The investment comprises 102 of the hotel’s 144 guest-rooms and suites and nine guest apartments.
Director and Head of Investment at Christie + Co, Jonathan Parrish, commented: “This prime investment opportunity generated considerable interest from both domestic and overseas investors, with well over 100 enquiries coming into Christie + Co within a week of the launch. The exchange of contracts with the new owner took place within two weeks of agreeing a sale. The speed of the sale, and the achievement of a sale price in excess of asking price, emphasises what a rare opportunity this was, and confirms the strength of the investment market in London.”
