NEW YORK London s five-star Lanesborough Hotel is reported to be up for sale. The owner of the 95-room hotel, the Abu Dhabi Investment Authority, is believed to be seeking around $146 million. Analysts, however, are wary that the $138.7 million investment made by the owners to transform the former St. George s Hospital into a luxury hotel may not be recouped.
The hotel is currently operated by Rosewood Hotels and commands an average room rate of around $584. Venture capitalists and private equity companies, such as Strategic Hotel Capital or Blackstone, may seek to purchase the hotel. (1/26/01)
SOURCE:HVS International