The purchase price reflects a net initial yield of close to 4 percent.
The stylish 192-bed W London is situated on the corner of Leicester Square and Wardour Street, on the site of the former Swiss Centre. In addition to the Starwood-operated hotel, that has quickly become synonymous with A-list celebrities, the ten-storied building houses 11 luxury two-and-three bedroom penthouse W residencies and a 35,000 sq ft M&M’s World store, a first for Europe.
Developed and constructed by McAleer & Rushe and designed by Jestico + Whiles, the scheme has won Best UK Development at international property show MIPIM, held in Cannes, and has been shortlisted for a number of other forthcoming prestigious architectural awards.
McAleer & Rushe’s Managing Director Eamonn Laverty said: “This has very much been a flagship, showcase development for McAleer & Rushe. We built a hotel that is instilled with the highest levels of design and exclusivity that one would expect of such a glamorous brand as W, on one of London’s most famous squares. We have also created one of the most exclusive branded apartment schemes in London, with the full benefit of catering and other services provided by the W Hotel. ”
Jones Lang LaSalle and Steerforth Partners advised on the sale.
