INTERNATIONAL - A group of Kuwaiti investors is planning to sell the luxurious Grosvenor House Suites apart-hotel on London’s Park Lane, two people with knowledge of the matter said.
The group, which includes Adeem Investment Co. and Stehwaz Holding Co., appointed broker Savills Plc to offer the 133 suites for about 400 million pounds ($520 million), the people said, asking not to be identified because the plan is private. Spokesmen for the consortium and for Savills declined to comment.
The Grosvenor House Suites were developed as one of the capital’s first luxury apart-hotels, a type of accommodation that specializes in longer stays, with amenities designed to replicate home for wealthy travelers. Such developments are benefiting as London’s luxury tourism industry picks up business from the weak pound, even as the high-end residential market suffers from tax changes and economic uncertainty.
The apartments, which overlook Hyde Park, start at about 3,000 pounds for a week-long stay in a one-bed suite, according to the website of Jumeirah International LLC, the property’s operator.
The owners bought the 1920s property in 2006 for about 150 million pounds and undertook a major modernization, the people said. The site is located next to the five-star Grosvenor House Hotel that was sold last year to U.S. real estate investor Ashkenazy Acquisition Corp.