Investors’ appetite growing for central London hotels

LONDON:  Property consultants say optimism is returning to central London hotel assets with 12 proposals put forth by foreign and local investors for prominent hotel and residential development 336-337 Strand when it closed for receipts last week.

Three partners in PricewaterhouseCoopers (PwC) are Joint Receivers and are working with international property consultant Cushman & Wakefield to jointly market the freehold interest in the property, located in the heart of London.

"As Receivers, we are delighted with the response to the property coming to the market with a short sale process and a minimum sale price,” said one of the Joint Receivers, PwC real estate partner Barry Gilbertson.

“Twelve offers show strong competition and is a very encouraging position for the Receivers, on behalf of the secured creditors.”

336-337 Strand is designed to be a 5-star hotel comprising 173 bedrooms with up to 79 residential apartments, in one of the most highly sought-after locations in Central London.

Gilbertson added that with the offering of this “trophy” asset to what he called a “hungry market” that was starved of good property opportunities, the Receivers were optimistic of the very strong demand for the property.

Partner at Cushman & Wakefield Stephen Richardson said the successful bidder would be announced shortly.

“Whilst we anticipated high levels of interest in this potential ‘trophy’ asset, we have been delighted by the strength of the bids received, which we are being brought forward in negotiations with the best bidders,” he said.

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