A renowned commercial real estate property in London was recently listed to be sold and Jones Lang LaSalle will be in charge of overseeing the process.
St. Ermin's hotel, which is located in the Westminster section of the city, will be sold by Angelo Gordon and Amerimar in hopes the two firms can take advantage of the currently high investor demand in the city at present, according to the announcement. The hotel is currently vacant, and is located in one of the most in-demand hotel markets in the world.
"London hotels have recorded the highest [revenue per available room] growth of any UK city over the past year underpinned by continued strength in the tourism sector," said George Nichols, executive vice president at Jones Lang LaSalle.
Nichols added that the hotel has more than 330 rooms, and the buyer will be able to brand and run the hotel at their own discretion. In total, the property has close to one acre of land.
The announcement added that the commercial real estate property was built in 1889, and is a Grade II listed period building. It has a garden courtyard, as well as brick Dutch gables and multiple other notable features.