Cola Holdings, the owner of The Westbury Hotel, has instructed Savills to seek substantial offers for their outstanding freehold luxury investment portfolio in Mayfair. Comprising the 225 bedroom hotel, the Burberry store on Bond Street and Washington House, a stunning self-contained building occupied by the private members Conduit Club.
Having owned the hotel for in excess of 20 years, the Cola Family have recently received planning permission to extensively redevelop the existing hotel building, which will include an extension to the rear, the re-build of the sixth and seventh floors and a new eighth floor. This will enable reconfiguration of the floors to create much larger rooms and a suitable number of outstanding suites which will attract the very top tier luxury brands. This redevelopment will undoubtedly create an unrivalled landmark hotel on London’s most high profile luxury location. The portfolio is expected to achieve in excess of €1.14bn (£1bn).
Anthony Selwyn, Co-Head Global Retail at Savills, who has been advising the family for over 10 years commented: “It is extremely rare for a mixed-use freehold opportunity like this to come to market with exceptional hotel development potential and existing ultra-prime retail. We expect investors from all over the globe to be very competitive in their attempts to secure this fantastic trophy in London.”
Robert Stapleton, Director, Savills EMEA Hotels, added: “The sale of The Westbury presents a once in a generation opportunity to acquire one of London’s most sought-after hotels and, with the benefit of the planning consents we’ve secured, the hotel can be substantially remodelled and extended to create one of London’s finest hotels befitting it’s extraordinary prime Mayfair location.”
