HOTEL 53 in Piccadilly has been sold to the Axcel Group Ltd with a guide price of £13 million.

Commercial property consultancy Lambert Smith Hampton marketed the 100-bed hotel.

The property, which had a guide price of £13 million, has been acquired by Axcel Group Ltd.

Previously operated independently, the hotel enjoys particularly high occupancy rates. It is a solid investment, with healthy profit levels and further opportunity to increase average daily room rates and yield.

Hotel 53 also benefits from an on-site restaurant and cocktail bar, business spaces and conference suites.

Alistair Greenhalgh, Director – Hotels, at Lambert Smith Hampton, commented: “Hotel 53 was sold off-market on behalf of private clients, illustrating the current appetite for prime city centre hotels. We wish our client a happy retirement and the new owners, Axcel Group Ltd, every success in their future plans for the hotel.”