Gem Hotels has acquired Wardrobe Court in central London from leading UK property company British Land in a £70m deal.
Wardrobe Court is a freehold collection of interconnecting townhouses totalling 92 serviced apartments with its own private car park, and is located close to St Paul’s Cathedral.
CBRE, who handled the sale, said the historic property was sold with the benefit of vacant possession and generated “strong interest” from European, North American and Asian investors.
Jay Matharu, Head of Acquisitions for Gem Hotels said: “The principal shareholders have 40 years’ experience in acquiring, owning, developing and constructing Hotels and serviced apartments in London.
“We understand the complexity of owning and developing hospitality accommodation within Central London and have ambitious plans to continue increasing our presence and portfolio throughout London.”