The 63,401 sq ft boutique hotel has 80 bedrooms, event space, spa, gym and is home to the Michelin-starred Angler restaurant, the South Place Chop House and the Secret Garden.

The hotel is located between Moorgate and Liverpool Street stations and will benefit from the new Crossrail station at the latter, which is set to open in 2018.

The site was initially acquired by Frogmore for its first real estate private equity fund FREP 1 and was originally intended for office use before being pre-let to the restaurant, bar and hotel operator D&D.

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Marc Nelson, director at CBRE Hotels, said: “This deal demonstrates the sustained interest from international buyers to London as well as the significant appetite from long-dated fixed income investments in the hotel sector.

“In this low interest rate environment, the allocation of hotel real estate within investment portfolios continues to remain attractive to investors, given the enticing risk-adjusted returns and ability to appropriately match long-term liabilities with long-term investments.”

Jo Allen, chief executive at Frogmore, said she wished the new owner and D&D every success with the ongoing venture.