Cola Holdings, the owners of luxury Mayfair hotel The Westbury, are preparing to sell the 5-star establishment, according to a report from Property Week.
Understood to be carrying a hefty price tag of over £600 million, the 225-room hotel is expected to be put on the market once the sale of The Ritz, another of Mayfair’s biggest luxury hotels, has been completed.Having originally acquired the property in 1999, Cola’s selling of the Westbury would come as part of a larger portfolio sale worth over £1 billion.
However, for the moment, the sale of the Westbury is allegedly on hold until the nearby Ritz hotel is sold by its owners, the Barclay family. It was reported last year that the Barclay family were looking for offers in excess of £800 million for the famous hotel which would make it the most expensive sale of a UK hotel in history. The Barclay family are now believed to be in discussions with Sidra Capital, a Saudi investment group, who are interested in buying the Ritz.
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Once a deal for the Westbury’s neighbour is agreed by the Barclay Family, Cola will then begin to look more seriously at options in regards to selling.
The Westbury hotel was opened in 1955 and has become known as one of Mayfair’s finest hotels, located right on the upmarket Bond Street. Operating under Marriot International ‘s Luxury Collection brand, The Westbury is also home to the Michelin-starred AW Restaurant, which has recently been in the news after chef patron Alyn Williams was dismissed from his position there.
In other hotel news, it was announced last month that a new luxury hotel called The Gantry is set to open in Stratford.
More interested in boutique hotels than huge luxury ones? Check out our list of the Uk's best boutique hotels.