Savills and Gerard Nolan & Partners, on behalf of a UK property company, have sold St James's Hotel & Club, 7 - 8 Park Place, London SW1A 1LS for a price in the region of £55-£60 million (approx. 63.7-69.5 million) to Pakistan's billionaire Mansha family. The price achieved equates to £917,000 - £1 million per bedroom.
Phillip Johnston, Head of Savills hotels, says: "London remains a strong market and attracts large amounts of interest from overseas buyers. The price per room is one of the most significant achieved in this sector and reflective of the high demand for prime locations."
The transaction represents one of the most expensive hotel deals on a price per room basis, reaching similar levels to that achieved by the Savoy (sold in 2005) and the Maybourne Group of hotels, including Claridges, Berkeley and Connaught (sold in 2004 as a portfolio). The sale of the St James's Hotel and Club follows the successful disposal of the Stafford Hotel by Savills in September 2009 for approximately £740,000 per bedroom.