Ashkenazy Acquisition Corporation (AAC), advised by Colliers International’s Hospitality Asset Management division, has disposed of Grosvenor House, a JW Marriott hotel, to Katara Hospitality, the hotel’s division of Qatar Investment Authority, for an undisclosed sum.

This follows Qatar’s purchase of one of New York’s most iconic buildings, the Plaza Hotel, for approximately $600 million.

The Grosvenor House Hotel was built in the 1920s on the site of Grosvenor House, the former London residence of the Dukes of Westminster – whose family name is Grosvenor.

Ben Godon and Joseph Kassouf, Hospitality Asset Management, Colliers International, said: “This transaction demonstrates a growing appetite from Middle Eastern investors for core hotel real estate in London due to high liquidity, a dynamic market and a comprehensive understanding of our local tax and legal systems.

“This sale by Ashkenazy Acquisition Corporate and purchase by Qatar Investment Authority represents an excellent deal for all parties involved.”

Colliers International’s Hospitality Asset Management division has been retained to asset manage the hotel on behalf of its new owners.