InterContinental London Park Lane Hotel Sold

Langham London
Langham London // Photo by Aneb/iStock/Getty Images Plus/Getty Images


Big news from London today, where InterContinental Hotels Group has agreed to sell its London Park Lane Hotel to Middle Eastern investors for $457 million.

According to Bloomberg, InterContinental will run the 447-bedroom hotel under a 30-year contract and can extend that another 30 years. The hotel was bought by an affiliate of Constellation Hotels Holding Ltd. for 62 percent more than book value at the end of December, according to a statement.

Free Luxury Travel Newsletter

Like this story? Subscribe to The Dossier

Luxury Travel Advisor’s only newsletter, covering unique destinations and product news for affluent travelers. Delivered every Tuesday & Thursday.

London’s luxury-hotel market has been defying Europe’s sovereign-debt crisis and Britain’s struggle for economic growth as overseas visitors drive record sales and occupancy rates, boosting values. The hotel generated $89 million in revenue last year and InterContinental said it expects fees of about 4 million pounds a year from the management agreement.

The London Park Lane, which overlooks Hyde Park and is about a 10-minute walk from Buckingham Palace, opened in 1975. It was once the site of a royal residence and includes a full- service spa, according to the hotel’s web site.


Suggested Articles:

The Andhorinha, which will exclusively sail Portugal’s Douro River, will have an interior design reminiscent of the local culture. See more here.

The hotel has debuted exclusive one-, two- and three-bedroom villas that each offer a pool and outdoor living spaces. Learn more here.

With visitor numbers to Hong Kong down nearly 40%, the tourism board launched special offers covering hotels, flights, shopping and attractions.