W Hotel Leicester Square for sale ahead of opening
McAleer & Rushe have appointed Jones Lang LaSalle to advise it on the future of the Swiss Centre after receiving “numerous direct approaches” from interested buyers.
The development, which will feature an M&M’s World Store, the Starwood Hotels & Resorts-operated W Hotel, Spice Market, the first London restaurant for Jeans-Georges Vongerichten, and Wyld, an Ignite Group-operated club, is expected to fetch around £200m.
A spokesperson for McAleer & Rushe, said: “In light of the current strong demand for prime London property we have appointed Jones Lang LaSalle to conduct a review of our best possible strategy. But our current priority is to ensure the successful completion of this prestigious flagship project on time and on budget.”
Overseas interest
No one is yet lined up to buy the property, but a market expert told BigHospitality he expected a lot of interest from overseas investors.
“It’s what Russian, Chinese and Middle-Eastern investors are looking for,” he said. “A property on a prime pitch with luxury residential space on the top, a five-star hotel in middle and a huge commercial store underneath is a pretty attractive investment for anybody.
“There is huge demand for foreign money coming into London. I expect this to fly, and my instinct is it may go to a cash buyer.”
It is thought McAleer & Rushe had always intended to sell the property, but after the hotel had opened. Recent press interest in their appointment of Jones Lang LaSalle has however encouraged them to market the development ahead of schedule.
