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British property giant Grosvenor Britain and Ireland has sold the long leasehold interest on its prime Mayfair asset, The Beaumont hotel, which opened in 2014 following extensive redevelopment and currently comprises 73-bedrooms, multiple dining facilities, a gym and Turkish bath.
Neither Grosvenor nor JLL (who acted on behalf of the property firm) have released details of the sale, but reports indicate that the Barclay brothers – owners of several prestigious buildings, including The Ritz —are set to purchase the property for £140 million.
Location director for Mayfair at Grosvenor Britain & Ireland, Keith Bailey, says: “The Beaumont is an important asset to North Mayfair both as an acclaimed hotel and a cultural landmark. We received a wide range of bids from global investors interested in this award-winning hotel and look forward to working with its new owners, experienced hoteliers with a track record of excellence and long-term investment.”
Meanwhile, Will Duffey — co-head of European Transactions at JLL — states: “The sale of The Beaumont marks the next stage in the life cycle of this iconic London hotel. The property has had a remarkable journey from its development through to what is has become today. We are delighted to have supported Grosvenor’s ambition to ensure the future legacy of this exceptional asset. We look forward to seeing what the future holds for The Beaumont and the changing face of North Mayfair.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.