Grosvenor House hotel for sale for £500m

Five-star J.W. Marriott Grosvenor House Hotel, in London's Park Lane, Mayfair, has been put up for sale for £500 million, according to the London Evening Standard.

The sale process was triggered after the property's owner, Sahara Grosvenor House Hospitality, failed to pay debts on it.

Property agent JLL, appointed by administrator Deloitte, will market the 494-bed property to investors worldwide. "The last hotel transaction on Park Lane took place two years ago and as the market has strengthened since then, we are looking forward to engaging with investors in an open marketing process," said Mark Wynne-Smith global chief executive at JLL's Hotels and hospitality group.

JLL has forecast that global hotel transaction volumes will reach an eight-year high of between $65 billion (£42 billion) and US$68 billion in 2015 - a 15-percent increase over last year.