A subsidiary of Spanish bank BBVA has acquired the Strand hotel in London for significantly more than the minimum sales price of £110 mln (EUR 122 mln). Property adviser Cushman & Wakefield (C&W), which in October was instructed by receivers at PricewaterhouseCoopers to market the luxury hotel and residential development, said it received 12 bids for the property and selected three for the final round.

A unit of BBVA emerged ahead of the other two potential buyers after they reduced their bid amid difficulties to raise the needed financing. 'These bid reductions left the field open for the one remaining bidder who had bid at or over the minimum sales price,' said Barry Gilbertson, real estate specialist partner at PwC and one of the appointed receivers. The deal was closed at the end of December with a subsidiary of BBVA for an undisclosed amount.

C&W said the development at 336-337 Strand offered a unique opportunity for an investor to acquire and complete a five-star hotel in one of the most highly sought after locations in central London. The project, designed by Foster + Partners, was planned to comprise a 173 key hotel, finished to a 5-star standard, with 79 residential apartments. The plan also included 92 underground car parking spaces.