Chow Tai Fook purchases the Marriott London Grosvenor Square Hotel

Chow Tai Fook Group purchased the 237-room Marriott London Grosvenor Square Hotel in central London for $207.92 million.

The deal works out to $877,000 for each room, making it the second-most expensive hotel deal in London this year in terms of price per room.

New York-listed Strategic Hotels & Resorts announced it had sold the hotel to an affiliate of Hong Kong-based private equity firm Joint Treasure International.

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Agents said Joint Treasure had seven partners, including the Wee family, owner of Singapore's United Overseas Bank, and David Chiu of Far East Consortium International. They said different partners were involved in different property purchases, depending on their preferences.

George Nicholas, EVP at property consultant Jongs Lang Lasalle's hotels and hospitality group, who was involved in the deal, said London was the most sought-after investment destination among hotel investors in Europe because of the strong and improving market fundamentals.

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The deal would have had NHT Operating Partnership acquire all of the outstanding equity interests of Condor via a merger valued at $318 million.