Swissôtel The Howard in London has been sold for £75m to Jersey-based company Samosir.

Jones Lang LaSalle Hotels acted on behalf of owner, Marylebone Warwick Balfour (MWB), on the sale of the 189-room hotel, which opened in 2002.

The sale is part of MWB’s strategy – announced in 2002 – to dispose all of its existing assets including the Malmaison hotel chain by 2005 and to acquire a £25m portfolio of health and fitness clubs.

Swissôtel The Howard will continue to be managed by Swissôtel Management under a 20-year management contract agreed in April 2000.

Rob Seabrook, vice president of Jones Lang LaSalle, said: “The sale demonstrates the current strong demand for hotel properties offering guaranteed returns and the prospect of significant growth in trading performance in the short to medium term.”

The Howard, which underwent a major refurbishment programme between 2000-2, has 12 suites and 250sq m of conferencing and banqueting space.