Shiva Hotels Ltd. agreed to buy a car park close to London’s Oxford Street for about 100 million pounds ($140 million), according to a person with knowledge of the deal who asked not to be identified because the information is private.
Shiva Hotels is a closely-held hotel developer and manager whose assets include a Hilton at Heathrow Airport and a lodging at Gatwick Airport. The plot of land at 30 Marylebone Lane is being sold by LaSalle Investment Management and has the potential to accommodate a 145-room hotel, according to a sales brochure for the property.
Developers are buying car parks to cinemas seeking to build more valuable offices, hotels and stores as London commercial property values soar. Billionaire brothers David and Simon Reuben bought a car park in Mayfair for about 70 million pounds in December, according to Estates Gazette magazine.
The car park being acquired by Shiva is close to the Selfridges department store and 400 meters from the stores on New Bond Street. A spokeswoman for LaSalle declined to comment and no one at Shiva was immediately available to comment.
(Updates with details on investor and land plot from second paragraph.)