LONDON-The Pakistan billionaire Mian Muhammad Mansha has purchased the 60-unit luxury St. James Hotel & Club here for about $95 million. An unnamed local property company sold the hotel, through Savills and Gerald Nolan & Partners.
The property, set within a Victorian townhouse, is managed by Althoff Hotels at 8 Park Pl. The hotel includes many luxury amenities, including a chauffeur for guests and elaborate room settings. Rooms are available from $385 to $630 per night.
Phillip Johnston, head of Savills hotels, said the city remains a strong market and attracts a large amount of interest from overseas buyers. “(This deal) is reflective of the high demand for prime locations,” he said in a statement.
Johnston says the transaction at almost $1.6 million per room is one of the most expensive hotel deals achieved in this sector. The company disposed of a similar property in London, the Stafford Hotel, in September 2009 for almost $1.2 million per room.
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