A hotel development site in London with a GDV of more than £250m has hit the market.
Affiliates of HIG Capital have appointed Savills and Cushman & Wakefield to market the opportunity, which is located on the Holborn Viaduct.
The site has planning in place for a circa 150,000 sq ft scheme, which would see the existing Morley House building demolished and replaced by a hotel spanning 11 floors and featuring a rooftop bar.
Rob Stapleton, head of hotel capital markets at Savills, said: “During some of the recent successful hotel development-led sales Savills advised on in London last year, we identified Morley House as one of the few prime – ready to go – hotel projects in London. We believe there is substantial investor demand for such high quality product also in light of the lack of supply in key markets in London and the exceptional ADR growth in 2023 and projected for the next few years.”
Richard Candey, partner at Cushman & Wakefield, added: “We’re delighted to have been appointed on this high-profile, prime development site sale, in central London. Opportunities for buyers to shape a ground-up hotel development to their specific brand-requirements are few and far between. Operationally, London hotels have continued to outperform and we’ve seen this translate into positive investor engagement and pricing levels.”
