European real estate investor Aroundtown has sold the Hilton London Hyde Park hotel in Bayswater in London.
The hotel has been sold by the German residential and commercial property investment giant to a private Dubai-based family office, advised by MGI Holdings director Ashish Jain and Asset India, with a price of close to £50 million understood to have been agreed.
The hotel at 129-131 Bayswater Road comprises 62,300 square feet over nine storeys and sits on a 0.47-acre site. The hotel has 136 rooms, some of which overlook Hyde Park, and it is within 50 metres of Queensway underground station.
Hilton Hotel has signed a lease until 2031. It is thought the owners may be considering converting the hotel into residential flats.
In August, Aroundtown wrote down the value of its property portfolio by 6%, or €1.7 billion. The writedown caused a €1.3 billion loss during the first half of the year compared with a €471 million profit during the same period last year.
It has been quietly marketing an €1 billion-plus portfolio of Center Parcs leisure resorts in Europe recently via Eastdil.