The Chrysos Hotel in London’s Paddington has been sold to the France-based Touriste Collection for a figure in excess of the £17m asking price.
Touriste Collection is looking to expand its portfolio in the UK market. The group plans to upgrade and modernizes the property, as well as increase the number of rooms.
Established over 25 years ago, the hotel operates from converted Georgian properties on Norfolk Square. Previous owners, the Souglis family, originally acquired one building before purchasing the neighboring property a decade later.
Jeremy Jones, Head of Brokerage for Hotels at Christie & Co, said: "We had a whole range of competitive interest in the Chrysos Hotel from both domestic and overseas buyers. Despite the very real market challenges at the moment, we are delighted to announce this important sale which underlines the continued global appeal for London hotels."