CHICAGO Strategic Hotel Capital has reached an agreement to sell the London St. Ermin s Hotel.
The sale represents the largest transaction in the London market this year, said Robert Seabrook, senior vp, Jones Lang LaSalle Hotels, London. He added that, 2000 has generally seen owners holding onto their assets and enjoying strong income growth; however, Strategic Hotel Capital saw an exit opportunity to realize the hotel s growth in capital value.
Terms of the transaction have not been disclosed, however the deal is expected to close in late January. Strategic Hotel Capital purchased the 290-room hotel in 1998. (11/21/00)