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LONDON-The Marriott Hotel in Grosvenor Square, located next to the US Embassy, has been placed on the market by its Japanese owners, Adachi, with an asking price of £100 million.

The Marriott Grosvenor Square, in fashionable Mayfair, is one of the capital’s most prominent hotels, boasting 221 rooms, which are available for anything up to £950 per night. It is only the latest luxury hotel to come onto the market against a backdrop of fewer visitors to Britain from the US as the American economy continues its downward spiral. Adachi, the Japanese property group, owns the building with Marriott International controlling the management contract. Adachi is believed to have appointed Sanwa bank to advise on the sale.

Other top hotels currently for sale include the Hilton on Park Lane where freeholder, Land Securities, wants £160 million while the Lanesborough at Hyde Park Corner, where each of the 95 rooms is valued at £1.26 million and is available for £120 million.

Preliminary numbers for London from the latest Andersen Hotel Industry benchmark survey initially indicate that London’s hoteliers turned in a poor performance in July. Average average room rates have declined this year with demand also continuing to fall in July with occupancy down 5% to 84%.

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