Stage One Boutique Project Appraisal V.1.
(for display only)
The Asset
Constructed between 1840 and 1852, Westbourne Terrace was considered one of London’s finest boulevards and to this day remains one of London’s most impressive terraces. Running from Hyde Park and parallel with Paddington station to the A40 Westway, the street remains a major arterial route. Connectivity could not be better, with Paddington mainline and underground station being just several minutes walk from the property, where the Heathrow Express provides a 15-minute journey time to the airport. The Elizabeth Line also provides rapid east/west travel across the whole of London and out into the shires. In addition, four major London Underground lines run through Paddington, providing rapid and easy access to all other parts of central London. Hyde Park is just a short stroll from the property and the whole of the West End lies within easy reach.
Details
Set back from the main road on its own private carriage drive and originally constructed in the 1840’s as two large family homes, the buildings were converted into their current hotel format in the mid 1960’s. The original Grade II listed stucco façade including the attractive portico entrances, first floor balconies with period ironwork and plaster detailing were retained, reinforced and pinned onto a modern steel frame structure. At the same time, a substantial rear extension was constructed and subsequently double glazing was introduced into the original front façade. Public areas comprise a reception lobby, restaurant, bar, mezzanine lounge, private dining room and courtyard as well as ladies’ and gents’ facilities.
Asking £18m
Tenure - Freehold
Commercial Assessment V.1.
Our initial analysis of the potential of the subject property is based on the leveraging of current capacity and existing facilities. We conducted a comparative study of three nearby hotels - Park Grand, Norfolk Towers, and Chilworth - to determine average rate forecasts. These hotels serve as local benchmarks, providing a conservative basis for our projections, although we believe that the introduction of a new boutique hotel concept could exceed these rates.
Upon exploring the property and its surroundings, we discovered that the asset has been on the market for an extended period. The attached original marketing material from the current agent, Colliers, dates back to 2017 and offers valuable historical insights into the property, the road, and the area. Initially advertised for sale at £25 million, the property is currently marketed at "offers over £18 million," indicating a significant price reduction. This suggests that the owners are likely motivated to sell, potentially due to an aborted sale or several unsuccessful attempts.
The property's previous use as a 1-star backpackers hotel is evident from the interior photos provided in the previous brochure. This presents an exciting opportunity for substantial commercial uplift, showcasing the property's potential for improvement and value enhancement.
With this information, we believe that the property holds substantial potential for successful investment and development. Our initial projections show promising opportunities for growth and profitability, considering location, asset size, available facilities, and current market conditions. As we explore this opportunity further, it's essential to consider the motivations of the current owners and how we can leverage this information to negotiate a favourable terms and assess whether to drive the project towards successful completion. For reference, the previous Hotels.com listing for additional internal photos: View >
Indicative interior mood board V.1.
Artful, Design led - Mid Century Modern
Indicative Brand Positioning V.1.
Brit Celebrity Supported - Art & Design themed
‘The Portebello’
Brand DNA
'The Portebello' – Where Luxury meets British Celebrity Elegance. Our centrally located London hotel is designed to cater to both tourists and transient business travellers, redefining the concept of affordable boutique hospitality. With the endorsement of renowned British celebrities, we offer a meticulously crafted interior design and brand theme that blends seamlessly with a powerful artistic aesthetic. Our hotel personifies the unique personalities and styles of our celebrity partners, ensuring powerful brand association and an unforgettable and personalized experience for every guest.
'The Portebello' guests indulge in an opulent yet affordable environment, meticulously curated by both River and our esteemed celebrity associates capturing the essence of British charm and celebrity allure.
