Savills and JLL Hotels and Hospitality have sold the Crowne Plaza London Kensington building at 100 Cromwell Road on behalf of L.C. Hotels Pte Ltd.

A Singapore consortium led by Heeton Holdings Ltd, together with KSH Holdings Ltd and Ho Lee Group Pte Ltd, have bought the hotel for £83 million, reflecting a net initial yield of 3.46% and a value of £509,000 per key.

InterContinental Hotels Group will continue the management agreement and the hotel will remain as the Crowne Plaza London Kensington.

Oliver Armitstead, associate director in the hotels team at Savills, commented: “The sale of the Crowne Plaza London Kensington is evidence of the unabated appetite for quality freehold assets; demonstrated in the achieved yield. We are pleased to have secured a new owner with a proven track record in the sector on behalf of our client.”

Will Duffey, Managing Director of JLL Hotels & Hospitality, said: “London is one of the most sought-after hotel investment markets in the world. The Crowne Plaza London Kensington represented a rare opportunity to acquire a freehold asset with a stable in-place cashflow and further value-add potential. By leveraging on the attractive deal characteristics, we were able to generate interest from a vast range of global capital, securing an attractive sale price for our client.”

Via savills.co.uk.