South Kensington’s The Exhibitionist Hotel sold for £10.6m
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BNP Paribas Real Estate has sold the iconic The Exhibitionist hotel in South Kensington for £10.6m to an undisclosed buyer.
Following a competitive bidding process on behalf of its unnamed client, the 37-bed freehold boutique hotel on Queensberry Place was snapped up for 15 per cent over its quoting price; it is the first time the freehold of the property has been sold for over 75 years.
The Exhibitionist is a stone’s throw away from the Natural History Museum and the Victoria and Albert Museum, and dates back to 1876.
The property became a hotel in the late 1980’s and underwent extensive refurbishment in 2015.
Richard Talbot-Williams, Senior Director, Hotels at BNP Paribas Real Estate commented: “Investor sentiment towards rarely traded prime London hotel assets has remained extremely robust and durable through the pandemic period, a time during which there has continued to be a very limited supply of ‘proceedable’ hotel investment opportunities.”
“The competitive nature of the bidding for this prime town house hotel from both domestic and foreign buyers demonstrates a very high level of future confidence in the success of London hotels, in which we are great believers.”
The hotel is let on a triple net lease for a further 15 years, expiring March 2037 with four-yearly upward only rent reviews. It generates a current annual rent of £237,500.