The company will manage the 230-room hotel from the final quarter of 2012, transforming it into a luxury serviced residence and renaming it Ascott St James London.
The hotel on Jermyn Street dates back to the 1960s and has five function rooms and a business centre equipped with Apple iMac computers and wifi. It also houses award-winning restaurant Petrichor.
It is understood the hotel’s event facilities will remain in place following the transformation and are likely to be upgraded.This latest acquisition brings Ascott’s portfolio of properties in the capital up to seven.
Chong Kee Hiong, Ascott’s chief executive officer, said: "London is one of the strongest and most resilient hospitality markets where demand from business and leisure travellers for international-class serviced residences continues to grow. This is an attractive opportunity to acquire a quality operating property which is strategically located in the prestigious Mayfair area."
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