The National Asset Management Agency (Nama) has completed the sale of a portfolio of property assets in London connected with debtor Graham Harris to US investment group Starwood Capital Group for £206 million.

It is understood that this will result in Nama being fully repaid what it was owed in relation to these assets and make Mr Harris one of the biggest individual debtors to exit the State property agency.

The purchase was completed by an affiliate of Starwood, which is acquiring a portfolio of four extended-stay hotels and one residential complex in London.

Starwood purchased the portfolio following completion of an administration and company voluntary arrangement process led by Nama and Duff & Phelps.

Starwood has previously purchased assets from Nama. In August 2013, it acquired a non-performing loan portfolio from the agency secured by 39 properties, with a concentration in Dublin.

The properties were connected with Mr Harris’s property group, called London & City Group Holdings, having been financed by borrowings from Irish Nationwide. Talks on a sale had been ongoing for months.

Valuable villas With the sale now complete, Mr Harris is understood to have a portfolio of property valued at between £300 million and £400 million in Britain and France. He is thought to own a dozen valuable villas in the south of France.

The hotels are located in the Tower Bridge/ Bermondsey and Earls Court/ Kensington areas of London. Constructed in 2008, the hotels are unfinished and partially operational.

They will comprise nearly 650 units upon completion. These will feature apartment-like amenities including kitchenettes, living and dining-rooms, and washer/dryers.

In addition, they offer more than 25,000sq ft of commercial and office space, including guest amenities such as social lobbies, lounges and gyms.

The residential complex will include about 60 units on completion, along with underground car parking and more than 15,000sq ft of commercial space.