Corbin and King's the Beaumont hotel on market for up to £120m

Located in the heart of Mayfair, the five-AA-star, 73-bedroom hotel was opened by seasoned restaurateurs Jeremy King and Chris Corbin as their first foray into hotelkeeping. The sale of a long lease is now set to be sold by the property group Grosvenor.

Corbin and King initially held the leasehold on the Beaumont, but in 2016 they relinquished it to Grosvenor after running into financial difficulties stemming from an over spend on the hotel's opening costs. As a result the two parties agreed that Corbin and King would "manage and operate the Beaumont and Colony Grill (the hotel restaurant) on a management contract for Grosvenor, replacing the previous landlord and tenant arrangement”.

According to The Times, bids have already been put forward by offshore investors and the Barclay brothers, owners of the Ritz London and The Daily Telegraph.

In awarding the Beaumont last year's Catey award, the judges described the hotel as "a modern classic " and "a fantastic new addition to the London hotel firmament, one that will show staying power over many years".

The sale of the Beaumont is being handled by JLL.

Grosvenor and Corbin and King declined to comment.

Cateys 2017: Hotel of the Year â€" Independent, The Beaumont >>

Corbin & King and Grosvenor reach new agreement over ownership of the Beaumont >>

The Beaumont â€" the midas touch >>

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