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RBS sells London’s Cumberland Hotel to US and UK joint venture
ROYAL Bank of Scotland has sold Cumberland Hotel in central London for £215m to a joint venture of US private equity firm Starwood Capital and property investor London & Regional.
“The Cumberland sale is the largest hotel investment deal in Europe for over a year,” said Derek Gammage, head of EMEA at CBRE Hotels, which handled the sale for RBS.
The Cumberland forms part of an RBS hotels portfolio, including the landmark Grosvenor House Hotel, that is on the market for disposal.
Parties that have bid for the Grosvenor hotel include a joint venture of the Government of Singapore Investment Corp (GIC) and US real estate investment trust Host Hotels & Resorts, as well as the Qatar Investment Authority, sources say.