The Chinese owner of a building earmarked for a 340K SF mixed hotel and office development in the City of London has sold the project.

Giant Mind Properties sold Bavaria House on Appold Street in the City to Maya Capital for about £60M, Green Street News reported.

Maya has drafted Motel One to operate the 416-room hotel that forms part of the 46-storey tower planned on the site. The building will also contain 88K SF of office space, a gym, a spa and food and beverage outlets. The potential end value of the scheme is estimated at around £500M.

Giant Mind bought the building for £64M in 2021 from U.S. hotel firm Masterworks Development Corp., and appointed Savills and CBRE to sell it last year.

It is the latest company from China and Hong Kong to sell off a London asset.

In February, Chinese developer R&F sold out of the majority of the residential development schemes it bought in the Nine Elms area. Those projects were once valued at more than £4B.

On the Hong Kong side, major deals include the £300M sale by Langham Estate, owned by Hong Kong investor Samuel Tak Lee, to hedge fund Elliott Management; Chinese Estates' sale of 14 George Street, also to Elliott; the sale of 291 Oxford Street by investor Lai Wing-to for £71M to J.P. Morgan; the £35M sale of 147 Wardour Street to HECapital, also by Lai; and the £47M sale of Albany House by China Motor Bus Company to Integrity International.

Assets on the market include Vodafone’s £280M Paddington headquarters, which is being sold by CC Land. Chinese Estates is selling 11-12 St James’s Square for £200M and could be selling out of its £800M redevelopment at 120 Fleet Street.