Evolution Fund acquires two Mayfair hotel assets with £1.1bn commitment

Evolution Investment Fund secured two landmark Mayfair hospitality assets in a single combined transaction. The London Marriott Hotel Grosvenor Square (237 keys, home to Gordon Ramsay's Bar and Grill and Lucky Cat) was acquired via long leasehold interest from Joint Treasure, which had sought approximately £200m for the 40-year lease. The Grafton Street development site offers full planning consent for a 94-room luxury hotel plus six residences. The combined commitment, including future development capital expenditure, totals approximately £1.1bn. Evolution Investment Fund is a new vehicle focused on global luxury hospitality assets, backed by the UAE-based Shanshal family. Joint Treasure, the Hong Kong investor, brought the Marriott lease to market via Eastdil. O&H Grafton Developments sold the Grafton Street site, which saw Yves Saint Laurent sign a record London rent for its flagship ground-floor store in 2024. Not publicly disclosed. Total capital commitment of approximately £1.1bn includes development expenditure for the Grafton Street project.