Christie & Co brokers the sale of the Wembar hotel in Earls Court
The Wembar Hotel in London’s Earls Court has been sold by specialist business property adviser, Christie & Co off an asking price of £4m.
The hotel has been bought by Middle Eastern investors as part of their continued growth strategy in the London real estate market. The vendor, having owned the hotel since the 1970s, was very pleased with the price achieved and now intends to retire.
Andrew Evangelou, Director and Justin Davies, Broker at Christie & Co handled the sale. Andrew comments, “We understand that the purchaser intends to invest in the hotel to enhance its appeal and room numbers. This additional investment and increased room offering aims to capitalise on the consistently high demand for bedrooms in Earls Court, thanks to its Central London location, key transport connections and growth in popularity through the nearby Earls Court Exhibition Centre’s £8bn regeneration project.
“Christie & Co is continuing to see strong appetite for London hotels from a range of buyers despite Brexit, although many are approaching the market more cautiously. Towards the end of 2016, as investor confidence stabilised and the GBP devalued, we witnessed a substantial spike in demand and direct enquiries from overseas investors looking to capitalise on favourable economic conditions. We expect this overseas demand for London hotels to continue.”