HARCOURT DEVELOPMENTS, headed by Pat Doherty, has put a five-star hotel in London favoured by Chelsea footballers up for sale, it has emerged.

Described as London’s only “all-suite” five-star, the Wyndham Grand, which has recently been extensively refurbished, overlooks Chelsea Harbour. It includes some 160 suites, four penthouses, a restaurant overlooking a marina and a spa.

The hotel is operated Wyndham Group International. Its sale will be led by Colliers International. Last night, property sources in London said they believed the hotel, which was bought for £63 million, will sell for more than £80 million.

Colin Hall of Colliers told Property Week: “It is comparatively rare in London for a hotel of this scale and calibre to enter the open market and we are expecting strong interest from hotel investors from around the globe who will see this flagship property as an important addition to their portfolios.”

Chaired by Mr Doherty, Harcourt developed the Park West business park and leisure scheme in Dublin. Its projects include Liberty Wharf in St Helier, Jersey, although its best-known development is the soon-to-open Titanic Quarter in Belfast.

The Chelsea hotel was bought in October 2006 from Lloyds TSB.

Mr Doherty fended off strong opposition for the deal from Asian businesswoman Gulshan Bhatia, who owns the Hilton London Paddington. Mr Doherty is extremely private, usually refusing requests for interviews.

While some of his borrowings have been taken into the National Assets Management Agency, it is not clear whether the loan required to buy the hotel has been acquired by the agency.

“Nama does not comment on individual cases,“ said a spokesman.