Skip to content
Search

Latest Stories

Asian hotelier’s luxury London hotel up for sale

The BoTree hotel on Marylebone Lane is currently on the market

Asian hotelier’s luxury London hotel up for sale
The BoTree hotel

A newly developed luxury hotel near London’s Bond Street station is now up for sale following unsuccessful attempts to refinance the £375 million project, according to Bloomberg.

The five-star BoTree hotel on Marylebone Lane is currently on the market, as reported by sources familiar with the situation.


Owned by British Indian entrepreneur Rishi Sachdev's Shiva Hotels Group, the 199-room property was constructed on the site of a former car park and cost £375m to develop. Founded in 2002, Shiva Hotels has since rebranded as Place III Hotels.

Since its opening in September 2023, Place III has been attempting to refinance the hotel, which carries around £275m in secured debt from Cale Street Partners and Crosstree Real Estate Partners. While there is no set asking price for the sale, those involved are aiming for an amount that exceeds the current debt, the report adds.

Consultant Jones Lang LaSalle Inc. (JLL) has been appointed to manage the sale but declined to provide further comments. A spokesperson for Place III indicated that refinancing efforts are ongoing alongside the sales process. Crosstree has not commented, and Cale Street did not respond to requests for information.

Shiva Hotels acquired the site for around £100m in 2016 but faced challenges during the Covid-19 pandemic and has been affected by rising interest rates.

Last year, JLL was also tasked with refinancing the BoTree and another project by Shiva in Soho. The plans included seeking £316.5m to clear the debt and an additional £12m to complete the hotel’s eighth and ninth floors. Shiva expected the BoTree to generate nearly £100m in revenue and over £28m in earnings by its third year.

The hotel has two restaurants, three bars, a VIP late-night venue, and an infinity pool terrace. Additionally, the room count can be increased to 219 by completing the upper floors.

Earlier this year, a nearby luxury hotel, the Six Senses in Bayswater, sold for approximately £1.7m per room. If the BoTree were to achieve a similar price, it would cover the outstanding debt and allow for some recovery of Shiva's initial investment.

In February, Bloomberg reported that H.I.G. Capital, which has financed two other London properties owned by Shiva, secured equity stakes in those locations as part of a refinancing arrangement.

Shiva Hotels earlier said that a major factor in acquiring the Marylebone Lane site was its prime location near the new Bond Street Crossrail station and its prominent corner positioning in the area.

Following the acquisition, it collaborated with Westminster City Council and local stakeholders to secure planning permission for the development.

More For You

CSK vs RCB

CSK and RCB-tune in for this blockbuster clash between two IPL heavyweights

Getty Images

IPL 2025 - CSK vs RCB: Chennai and Bengaluru's clash of titans

The Indian Premier League (IPL) is back with another highly anticipated encounter as Chennai Super Kings (CSK) lock horns with Royal Challengers Bengaluru (RCB) in the 8th match of the 2025 season. The match will take place at the iconic MA Chidambaram Stadium in Chennai on March 28th at 7:30 PM IST. Both teams are coming off strong wins in their previous matches and are eager to extend their winning streaks, making this clash one that fans won’t want to miss.

Team analysis: Chennai Super Kings (CSK)

CSK, one of the most successful franchises in IPL history, comes into this game with confidence after a thrilling victory over Mumbai Indians. Although the chase wasn’t entirely smooth, CSK managed to pull off a win with 4 wickets in hand. Their bowling unit, led by the young sensation Noor Ahmad, was instrumental in restricting Mumbai to a modest total of 155/9. Noor’s outstanding spell of 4 wickets for just 18 runs earned him the well-deserved Man of the Match title, while Khaleel Ahmed also chipped in with 3 wickets.

Keep ReadingShow less
Streeting: Health deal signals new era in UK-India ties

Foreign Office minister Catherine West, health secretary Wes Streeting and equalities minister Seema Malhotra during the Holi Reception in London.

Streeting: Health deal signals new era in UK-India ties

THE recent health and life sciences agreement between the UK and India will strengthen cooperation on healthcare innovation and security in both countries, health secretary Wes Streeting said.

Speaking at the Holi reception organised by the India All-Party Parliamentary Group and the 1928 Institute in London on Monday (24), he added that the contribution of British Indians has been pivotal in the growth of the NHS since its inception in 1948, and a robust partnership between the two nations will ensure we have a healthcare provider 'fit for the future'.

Keep ReadingShow less
Renée Zellweger Joins Only Murders in the Building Season 5 Cast

Renée Zellweger joins the cast of Only Murders in the Building Season 5, bringing more star power to the hit series

Getty Images

Renée Zellweger joins ‘Only Murders in the Building’ season 5 with an expanded star-studded cast

The Oscar-winning actress joins Steve Martin, Selena Gomez, and Martin Short in Hulu’s hit mystery-comedy for an exciting new season.

Renée Zellweger is the latest Hollywood star to join Hulu's hit mystery-comedy Only Murders in the Building for its fifth season. The two-time Academy Award winner will share the screen with series regulars Steve Martin, Martin Short, and Selena Gomez, adding to the show’s already impressive line-up of guest stars.

Keep ReadingShow less
british-steel-iStock

An aerial view of Steel Plant Industry in Scunthorpe. (Photo: iStock)

British Steel to shut blast furnaces, up to 2,700 jobs at risk

BRITISH STEEL, owned by Chinese group Jingye, confirmed on Thursday that it will shut down its blast furnaces and steelmaking operations in England, attributing the decision to market challenges, tariffs, and rising environmental costs.

The closures, first proposed in late 2023, could lead to the loss of up to 2,700 jobs at the company’s main UK site in Scunthorpe, northern England, according to sources familiar with the matter.

Keep ReadingShow less