The Westbury Hotel owner seeks £1bn sale of Mayfair portfolio
Cola Holdings, the owner of the The Westbury Hotel, is seeking a £1bn offer for its Mayfair property estate, which also includes Bond Street’s Burberry store and a private members club.
Kurdish-born millionaire Bakir Cola owns the group, which has recently received planning permission to redevelop the five-star hotel in Conduit Street to attract “top tier luxury brands”.
Cola Holdings, which is also selling Washington House that houses the Conduit Club members bar, has instructed Savills to seek substantial offers of more than £1bn for the portfolio.
Savills hotels director Robert Stapleton said the sale of The Westbury “presents a once in a generation opportunity to acquire one of London’s most sought-after hotels”.
Anthony Selwyn, co-head of global retail at Savills, said: “It is extremely rare for a mixed use freehold opportunity like this to come to market with exceptional hotel development potential and existing ultra-prime retail.
“We expect investors from all over the globe to be very competitive in their attempt to secure this fantastic trophy in London.”
Cola also owns The Kensington Hilton hotel, which he bought for £290m in October 2018.
A report published last year by law firm Boodle Hatfield found that London’s luxury hotel market boomed in 2018/19, with 50 new premium venues opening.
“London’s luxury hotel sector is still buoyant, and certainty over Brexit would be another positive for overseas investors in the market,” Boodle Hatfield partner Adam Chamberlain said.
“The luxury hotel market outside of London has showed some signs of cooling off, but the opportunity to invest in a landmark London hotel is still one that attracts wealthy individuals and families the world over.”