London’s The BoTree for sale with rumoured £275m price tag
The BoTree, a five-star London hotel which opened last year, has been put up for sale at a rumoured price tag of £275 million. The 199-bed property has been brought to market on a “vacant possession basis” and JLL Hotels & Hospitality Group has been appointed to advise the sale of the hotel.
According to Bloomberg, the sale has come about after attempts to refinance the project proved unsuccessful.
Sources told Bloomberg the hotel cost £375 million to develop and that the current owners are seeking a price “above the outstanding value of debt”, believed to be in the region of £275 million.
The freehold of the hotel is available to buy on a full vacant possession basis without any brand affiliations and the sale includes proposals for an extension to the property, which would bring it to 219 bedrooms.
Will Duffey, head of EMEA hotel capital markets at JLL, told Bloomberg: “The BoTree presents a truly one-of-a-kind opportunity to acquire a best-in-class asset in one of London’s most desired locations and provides direct exposure to the most sought-after hotel market globally.
“The availability of acquiring the hotel on a vacant possession basis is an extremely rare offering, with only one West End freehold single asset transaction above 100 keys in the upscale/luxury space having traded since 2018.”