Sale of two London-based Morgans Group hotels completed

Two hotels formerly owned by Morgans Hotel Group Co (MHG) have been sold by Jones Lang LaSalle Hotels.

The Sanderson and St Martins Lane, both of which are located in central London, have been acquired by the Middle Eastern investor Capital Hill Hotels Limited for £192 million.

Capital Hill Hotels Limited – which also owns numerous other hotels around the world – will continue to use MHG to operate each of the prime London hotels under long-term management agreements.

Executive Vice President of Jones Lang LaSalle Hotels, Giorgio Manenti, told Hotel News Resource, “This sale is great news for the market and reinforces the international appeal of European gateway cities for real estate investors."

“Jones Lang LaSalle Hotels has a long term relationship with both of these London iconic hotels having advised the joint venture in the refinancing process in 2010 with Aareal Bank. We are delighted to have now completed the sale and helped to create additional value to the assets from a combination of our services,” Mr Manenti went on to say.

The total purchase price paid by Capital Hill Hotels Limited for both of the hotels represents a per room value of £542,000.