The Crowne Plaza Hotel in the City of London has been sold to Italian property firm Gruppo Statuto for more than £80m.

The 203-room, Grade II-listed hotel was sold by a consortium that included InterContinental Hotels Group – which will continue to manage the hotel – and two Middle Eastern investors.

The deal was made through real estate company Jones Lang LaSalle Hotels.

Robert Seabrook, executive vice president of the Jones Lang LaSalle, said: “The price reflects around £400,000 per room which demonstrates the insatiable appetite for hotel real estate which has been a pattern throughout 2006.”

The hotel was formerly the headquarters of law firm Clifford Chance and was known as Blackfriars House, before being converted into a hotel in 2003.