CBRE Hotels has announced the sale of the five-star Grosvenor House Hotel, Mayfair, London for £470 mln (EUR 563 mln) to Indian conglomerate Sahara India Pariwar. The 494-bedroom, Park Lane property operated by JW Marriott represents the largest ever single asset hotel transaction by sale price in Europe, CBRE Hotels said.

The iconic hotel was owned by the Royal Bank of Scotland which in March last year appointed CBRE Hotels to market the asset. CBRE Hotels secured the exclusive mandate following a competitive two-stage pitching process against JLL Hotels, UBS, Bank of America, Deutsche Bank and Goldman Sachs.

With the deal closing on Dec 30, the transaction occurred in the same year that CBRE Hotels also sold the single largest hotel in Europe (by number of bedrooms) for many years - London's Cumberland Hotel also in Mayfair.