The Jermyn Street located hotel could be renamed as Ascott St James London after it is given a refurbishment by The Ascott Limited, which bought the hotel for £158.8 million.
Ascott will operate the 230-room hotel from this year’s fourth quarter as serviced apartments. It will be the hotel chain’s seventh property in the capital, with others predominantly under the Citadines brand.
“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,” said Chong Kee Hiong, CEO of Ascott on the acquisition.
“We see the potential to transform this property into one of the best luxury serviced residences in London,” he added.