Shoreditch’s Ace Hotel sold for £150 million

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The sale includes the 258-bedroom hotel as well as the Miranda nightclub and the popular Hoi Polloi restaurant.

It was sold by Starwood Capital Group to a company called Limulus which was advised by the Deerbrook Group.

The deal comes nearly three years after Starwood bought the property out of an administration led by Ireland’s National Asset Management Agency.

 

Ace Hotel Group will continue to manage the hotel on behalf of the new owner.

Adam Wilson, vice president in JLL’s hotels and hospitality group which represented Starwood on the sale, said: “This sales process attracted over £1 billion of equity from all over the globe and is indicative of the insatiable appetite for London hotel real estate.”

Nick Chadwick, vice president of Starwood added: “We were early in recognizing the potential of Shoreditch to emerge as one of London’s hottest neighbourhoods.”

Source Article from http://www.standard.co.uk/business/business-news/shoreditchs-ace-hotel-sold-for-150-million-10147084.html

March 31, 2015 |
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