Casino giant Genting has sold the freehold of the Como Metropolitan hotel on London's Old Park Lane to DTZ Investors for over £70m.
The sale comprises the majority of the five-AA-star hotel, including nine luxury apartments operated by the hotel, the majority of the Colony Club Casino and part of the Nobu restaurant. The hotel has 144 bedrooms, a gym, spa and events spaces.
Tony Brothwell, fund manager at DTZ Investors, said: "We have been looking to purchase a secure, prime central London hotel investment for some time and this is just about as good as it gets. The asset will be a core holding for Strathclyde Pension Fund bringing the portfolio size to over £2b."
Knight Frank advised DTZ Investors on the acquisition.
Marc Nelson, director, hotel investment properties at CBRE, which advised Genting on the sale, said: "We received significant interest from both domestic and international capital sources, demonstrating that the prime London market and the hotel sector remains buoyant."