The Le Méridien Piccadilly hotel, London, has been put up for sale by its owner Starman UK Services Company, a joint venture between Lehman Brothers Holdings and Starwood Capital.

The 267-room, Grade II-listed property will be sold subject to a management agreement which retains Starwood Hotels & Resorts as the business' operator. The hotel will be sold with a leasehold.

The property includes a restaurant, two bars and lounges, a salon, a spa with an indoor swimming pool, a fitness centre, a steamroom and 1,247sq m of meeting space.

Starman was formed in 2005 for the purpose of disposing of assets over a period of time. It has already sold the Le Méridien Excelsior Hotel in Gallia, Milan, and Le Meridien Phoenicia hotel in Valletta, Malta.

Real estate broker Molinaro Koger is handling the sale.