Gansevoort Hotel Group Founder, Michael Achenbaum, to Develop $98 Million Lifestyle Hotel in London
December 13, 2013 10:48am
Architects Dexter Moren Associates and interior design group Design DMU will merge Achenbaum's high standard for style and service with the edgy, urban vibe of the up-and-coming Tech City area in Shoreditch, paying homage to the district with designs inspired by the local street art scene. Furthering his reputation as a catalyst for development in emerging neighborhoods, Achenbaum and his partners, with the support of London & Partners and UKTI, selected Tech City in Shoreditch for its growth, leadership and extraordinary cultural diversity.
"I'm always seeking to expand my portfolio in emerging neighborhoods that have a vibrant social life where businesses can grow and flourish," said Michael Achenbaum. "Shoreditch aligns brilliantly with our vision for this project and we're thrilled to break ground during such an exciting time for the neighborhood."
The property is poised to become a social hub for the entrepreneurial community while meeting the growing demand from London's financial center and the many companies primed to build up Shoreditch as an epicenter for technology, media and creative industries.
"Hackney Council's Regeneration team has been working closely with Achenbaum and his team for two years to help realize their plans to build an exciting urban resort in Shoreditch. This successful collaboration has involved integrating this multimillion-dollar investment into our growing economy, creating jobs for local residents as well as contributing to the growth of the creative community in Hackney," said Cllr Guy Nicholson, Cabinet Member for Regeneration.
Gordon Innes, Chief Executive of London & Partners, the Mayor's official promotional organization for London added, "Achenbaum has chosen the perfect London location for this project. The hotel opening in the digital hub of Europe will provide further options for London's increasing visitor market and will make a great addition to the capital's existing offerings."
Royal Bank of Scotland provided debt financing for the development. The project is expected to create at least 150 jobs and is scheduled to break ground in the spring of 2014 with an opening slated for the following year.
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