London's Pembridge Palace Hotel has been sold to an overseas investor.
The Grade II listed hotel, which is located in Notting Hill, was sold by Savills for Singaporean group Lum Chang Holdings Limited.
The hotel is in a top tourist destination, just a 15 minute walk from Kensington Palace. Since the devaluation of the pound, West London commercial property has become particularly attractive to foreign investors looking to buy valuable assets at a discount.
Gary Witham, director in the Savills hotel team, said: "The central location and scale of Pembridge Palace Hotel invited a large amount of interest from European and South East Asian investors and brands looking for a foothold in London.
"We also had a lot of interest from private family office investors keen on acquiring London hotels offering value."
Foreign investors are also tipped to buy up the Burlington Arcade, Mayfair's iconic covered shopping street. It is thought the arcade could fetch as much as £400m for its owners, Thor Equities and Meyer Bergman. They bought it in 2010 for £104m.