JLL's Hotels & Hospitality Group confirmed the sale of the Ace Hotel London Shoreditch on behalf of Starwood Capital Group, for an asking price of £150,000,000 or £580,000 per bedroom.
The hotel which once stood on the site of the original Shoreditch Empire music hall was acquired by Starwood Capital Group in 2012, converted to an Ace Hotel following an extensive refurbishment and was subsequently honoured for "Best Renovation" at the 2014 European Hotel Design Awards.
Ace Hotel Group will continue to manage the hotel on behalf of the new owner. The Ace Hotel Group, established in 1999, is a branded operating company that re-envisions the traditional hotel model, enhancing the value of properties through an innovative and locally-inspired approach to design and development.
Situated on Shoreditch High Street just north of the London's financial district within the City of London, comprises 258 bedrooms, 10 meeting spaces, a lobby bar, a nightclub and the popular Hoi Polloi restaurant. East London is quickly establishing itself as an international trendsetter, with residential value growth outpacing the rest of London, an office pipeline of 15 million sq. ft. (roughly equivalent to the size Canary Wharf) and some of hottest names in the leisure space.
Commenting on the sale Adam Wilson, Vice President in JLL's Hotels & Hospitality Group, said: "This transaction sets a new benchmark for hotel pricing in the local area and represents a narrowing of the gap between East and West London pricing. 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."
Christopher Exler, Associate in JLL's Hotels & Hospitality Group added: "We elected to adopt an innovative approach to marketing the hotel to compliment the property and the submarket within which it sits. This was well received by the market and created a level of excitement which was befitting of the opportunity."
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