Luxury hotel could become the focus of one of London’s biggest ever property deals
By Owen Sheppard, local democracy reporter
A luxury hotel could become the focus of one of London’s biggest ever property deals if it sells for over £1 billion.
The Westbury Hotel in Mayfair will be given a facelift which its owner, Cola Holdings, hopes will make it more valuable than some of the city’s most recognisable skyscrapers.
Work is due to start this summer on the relatively unknown five-star property in Conduit Street, which includes the Michelin star AW Restaurant.
Despite plans to extend it from seven to eight-storeys and expand the building’s footprint at the rear, the total number of bedrooms will be reduced from 225 to 196. But more of them will be classed as luxury suites.
Cola revealed last year that it aims to sell the Westbury, built in 1955, and three adjoining properties for over £1 billion, according to Bloomberg.
The portfolio includes the Burberry shop in New Bond Street and Washington House, home to the Conduit private members club.
The staggering price tag would place it not far behind the record-breaking £1.18 billion sale of the 45-storey HSBC tower at Canary Wharf in 2014.
The Square Mile’s 50-storey Leadenhall building, or “Cheesegrater”, sold to a Chinese property tycoon for £1.15bn in 2017.
In 2014, BBC News reported a study by investment giant the Safra Group which estimated that The Shard would be worth £2 billion if sold. It gave the Walkie Talkie an estimate of £0.8 billion and the Gherkin at £0.7 billion.
Cola is also looking to sell the luxurious contents of the Westbury at auction.
Pro Auction has been appointed to flog 8,000 lots, with everything from its “signature suites, designer furniture pieces, contents and fixtures”, including from the AW Restaurant and Polo bar, the firm said.
The partial redevelopment of the Westbury was given planning permission by Westminster Council in 2018.
Cola’s Planning documents say: “In conjunction with the [guestrooms] refurbishment, the hotel requires additional alterations to the front of house areas to bring the quality of the remainder of the Hotel in line with that of the rooms.
“Part of this work will be to provide additional restaurant facilities, which will be achieved by extending the ground floor into the existing car park in Coach and Horses Yard.”
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