One of the most exclusive hotels in Knightsbridge, the five-star Bulgari Hotel, is to be sold for more than £300m, CoStar News can reveal.
Prime Development, controlled by a group of investors led by Spanish entrepreneur Rafael Serrano, which developed the Bulgari Hotel & Residences, has quietly been receiving offers to buy the hotel at a level which values the 85 rooms at more than £3.5m each.
It is thought that terms are close to being agreed to sell the hotel, which sits next to One Hyde Park and opposite Harrods, to an investor keen to buy one of the newest additions to London’s luxury hotel offering.
Bulgari Hotels & Resorts signed an agreement for the new Bulgari Hotel in London in February 2011 before opening in the spring of the following year.
The luxury hotel, which commands prices starting from around £600 per room to over £900 for a suite, is the third hotel project for Bulgari Hotels & Resorts, following the opening of the Bulgari Hotel in Milan in 2004 and of the Bulgari Resort in Bali in 2006.
The hotel includes seven Bulgari suites more than 2,152 sq ft in size, as well as a large ballroom, a private cinema and a 21,527 sq ft spa and fitness centre with a 25 metre indoor pool.
The hotel was developed by Prime Developments, a subsidiary of Prime Investors Capital. There are thought to be three main investors in the hotel, two of whom are Serrano, the chief executive of Prime Investors Capital, who is currently redeveloping Admiralty Arch into a luxury hotel and members club, and Rosalía Mera, the co-founder of Spanish fashion group Inditex.