Northern Ireland

Cookstown developer to sell luxury London hotel

Leicester Square signpost
Image caption The W Hotel in London's Leicester Square is up for sale

A Cookstown-based developer is believed to be on the verge of selling a luxury hotel in central London to a Qatari private investor.

It is being reported that an unnamed investor is offering almost £200m for the W Hotel in Leicester Square.

The hotel is currently owned by McAleer & Rushe, but they have declined to comment on the story.

It is understood the parties are close to exchanging contracts on an offer of about £196m.

The 10-storey hotel, which opened in February, has 192 rooms and a branch of chef Jean-Georges Vongerichten's Spice Market restaurant.

It is part of a wider McAleer & Rushe development, known as the Swiss Centre.

McAleer & Rushe, which is owned by Seamus McAleer and Eamonn Laverty, has been responsible for major development schemes across the UK and Ireland.

In recent years its focus has been on cities in England. It is currently planning developments in Sheffield, Leeds and Newcastle.

In March, it confirmed that some of its £61m in bank loans have been taken over by the Irish government's National Asset Management Agency (Nama).

McAleer & Rushe said it had submitted a business plan to Nama which assumed that all its loan facilities would stay in place.