Jones Lang LaSalle Hotels : McAleer & Rushe Premieres £200m W London Leicester Square Hotel Sale At Cannes (United Kingdom)
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Jones Lang LaSalle Hotels : McAleer & Rushe Premieres £200m W London Leicester Square Hotel Sale At Cannes (United Kingdom)
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Category: Europe - United Kingdom - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-03-09
MIPIM, Cannes, London and Berlin, 8th March 2011
McAleer & Rushe today launched the £200m sale of its W Hotel-led development on London’s Leicester Square at MIPIM, the international property conference held in Cannes.
W London is situated on the corner of Leicester Square and Wardour Street, nestled between cultural Soho and the world-famous square, on the site of the former Swiss Centre. The hotel provides an uber-cool contemporary lifestyle experience with 192 guest rooms, including 17 suites, 3 WOW suites and 1 Extreme WOW suite. In addition to the hotel, McAleer & Rushe’s new ten-storey building, houses 11 two and three bedroom penthouse W Residencies and a 35,000 sq ft M&M’s World store which will be a European first boasting interactive attractions, merchandise and of course the much loved confectionary.
Speaking from McAleer & Rushe’s stand in the London Pavilion, McAleer & Rushe’s managing director Eamon Laverty said: “It is entirely appropriate that we should chose the glamorous surroundings of Cannes to launch the sale of London’s most glamorous hotel. This has very much been a flagship project for our company and it has already attracted considerable international interest, and it has been already nominated for two prestigious architectural awards. W London pays homage to Leicester Square’s rich cinematic history and it even boasts its own screening room so where better to premiere the sale?”
McAleer & Rushe has appointed Jones Lang LaSalle and Steerforth Partners to advise on the sale.
Jones Lang LaSalle Hotels managing director Jonathan Hubbard said: “London remains a key focus for hotel investors, who continue to seek out prime located, high quality assets. The W Hotel is a superb hotel development situated in one of the capital’s most iconic districts. Following on from some landmark hotel deals in 2010 across Europe, such as the Crillon and Lutetia in Paris, Berners in London and Le Richemond in Geneva, this sale will generate global interest.”
Damian Corbett Head of Capital Markets at Jones Lang LaSalle, said: “Demand for prime assets in London’s West End continues to outstrip supply. In a market still starved of quality assets but a definite appetite for investments of this kind, we are confident of securing a high level of interest in this sale, particularly from overseas buyers.”
Jones Lang LaSalle will also announce the hotel sale at this week’s International Hotel Investment Forum in Berlin.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2009, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $1.6 billion worth of transactions globally. In addition, advisory and valuation services were provided on nearly 800 assignments. The global team comprises over 200 hotel specialists, operating from 36 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 80 publications in 2009 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services.
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