In London, a parking garage between Welbeck Street and Marylebone Lane has been purchased by Shiva Hotels, which develops and manages hotels in the UK for hotel brands like Hilton, Best Western and Holiday Inn.
According to the Telegraph, the Welbeck Street site, which was owned by LaSalle Investment Management, was valued at £30 million at the end of 2014, but is thought to have been sold for an estimated £100 million because of its potential for it to be turned into a hotel.
The resulting development could be worth as much as £600 million, sources told the paper. Shiva does not yet have consent for hotel development, however, and has reportedly drafting a plan to turn the building into a commercial facility just in case.
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