Property developer O&H Properties, which bought the four-star, 40-bedroom site 18 months ago for a reported £10m, is selling up to concentrate on its core activity.

The seven-storey venue was opened by actress-turned-designer Anouska Hempel in 1997. Her profile and the hotel’s original minimalist décor helped to make it one of the capital’s most famous destinations.

The 67,495sq ft site includes the 80-seat I-Thai restaurant and six nearby associated apartments, which have a separate guide price of £4m.