London's Grosvenor House To Be Sold

by Deidre Woollard (RSS feed)
Jan 18th 2010 at 8:02PM

Last month we heard that the Royal Bank of Scotland was looking to unload some art but the bank may be selling an even more valuable asset, the Grosvenor House hotel in London. The Grosvenor House is operated by Marriott and is the setting for some of the UK's biggest award ceremonies, is set to be put up for sale. The five-star hotel opened in 1929 and became a JW Marriott Hotel in September 2008 after a major restoration.

The hotel could sell for between £600m and £700 million. The Telegraph reports that that property agent CBRE is being lined up to handle the sale and it could hit the market this month. The question of course is who's buying? Travel and tourism is still sluggish and RBS has tried to sell the hotel several times before, most notably to several Middle Eastern investors. Breaking Travel News says that London commercial property has been on the rise in recent months which means that for RBS is might be the right time to test the waters once again.

Tags: grosvenor house, GrosvenorHouse, hotel, london, marriott, rbs, royal bank of scotland, royal bank scotland, RoyalBankOfScotland, RoyalBankScotland