Starwood Capital and Lehman Brothers are selling the £90m Le Méridien hotel in Piccadilly in London.

Starman, a joint venture between Starwood Capital and Lehman Brothers, has instructed Molinaro Koger to sell the lease of the grade II listed 267-room Le Méridien subject to a management agreement with Starwood Hotels & Resorts which will continue to operate the hotel.

‘Despite the financial uncertainty, there is a great deal of interest in this property, which is in a particularly coveted location,’ said Eric Kudlak, managing director Europe at Molinaro Koger.

Le Méridien has an occupancy level above 87%, resulting in a revenue per room of above £187.