The 494-bedroom Park Lane hotel, which is operated by Marriott International, is expected to sell for substantially more than the £470m it achieved at the end of 2010 when it was bought by the Indian group.
Day-to-day running of the hotel, which is operated under a lease with Marriott International, will be unaffected by the sale.
Mark Wynne-Smith, global chief executive, JLL Hotels & Hospitality Group, said he expected the hotel to appeal to a large number of investors.
He said: “The iconic JW Marriott Grosvenor House is Mayfair’s largest hotel with 494 keys and a gross internal area of some 56,700 sq. m.
"The last hotel transaction on Park Lane took place 2 years ago and as the market has strengthened since then, we are looking forward to engaging with investors in an open marketing process."
JW Marriott Grosvenor House Hotel, which includes the Great Room ballroom and a number of restaurants and bars, such as Corrigan's Mayfair, the JW Steakhouse & Terrace, Red Bar and the Park Room & Library, underwent a £135m refurbishment in 2008 and last year started a £7m refurbishment of its executive lounge and executive suites.
"The hotel is set apart from its Park Lane hotel peers due to its extensive banqueting facilities, whilst the lease to Marriott International means that we expect the asset to appeal to a broad range of local and global investors," said Wynne-Smith.
Administrators from Deloitte were appointed to take over the hotel yesterday after its owner failed to pay debts on the property.
Subrata Roy, the owner of parent company Sahara India Pariwar group, had attempted to mortgage Grosvenor House Hotel and the Plaza hotel in New York to try and raise £1bn for bail after he was jailed for contempt of court last year.