Starwood Capital Group Buys Portfolio of 4 Extended-Stay Hotels and a Residential Complex in London
January 14, 2015 10:13am
The hotel properties are located in two of London's top emerging submarkets: Tower Bridge/Bermondsey and Earls Court/Kensington. The hotels, which were constructed in 2008 but are currently unfinished and partially operational, will comprise nearly 650 units upon completion. The units feature apartment-like amenities including full kitchenettes, living and dining rooms, and washer/dryers. In addition, the hotels will offer over 25,000 square feet of commercial and office space, including many new guest amenities such as social lobbies, lounges and gyms.
The residential complex, which will include in excess of 60 upscale units upon completion, will offer residents direct access to the renowned bars, restaurants and shopping on Bermondsey Street, along with a number of underground parking spaces and over 15,000 square feet of commercial space.
"We are excited to establish ourselves as a leading player in the extended-stay hotel/serviced apartment market, which we believe is one of the most promising and under-supplied real estate sectors in London today," said Cody Bradshaw, Senior Vice President and Head of European Hotels at Starwood Capital Group. "This successful off-market acquisition of a unique portfolio of London real estate reflects Starwood Capital Group's ability to structure and execute win-win solutions in even the most complex of situations."
Building on a well-established relationship, Starwood Capital Group purchased the portfolio following completion of an administration and company voluntary arrangement process led by Ireland's National Asset Management Agency (NAMA) and Duff & Phelps. Starwood Capital Group in August 2013 acquired a non-performing loan portfolio from NAMA secured by 39 properties, with a concentration in Dublin.
Tags: starwood capital group
Starwood Capital Group to Sell an £830m ($1.1b) Portfolio of U.K. Hotels to Foncière des Régions
Owned by Starwood Capital Group and Managed by Aimbridge Hospitality, Fairfield Inn & Suites by Marriott Set to Open in Longmont, Colorado
Starwood Capital Group Acquires Portfolio of Seven Hilton Hotels Throughout the United Kingdom
Arash Azarbarzin Appointed President of SH Group
Starwood Capital Group Acquires Sofitel Budapest Chain Bridge Hotel from Orbis Hotel Group for €75 Million ($89.5M)
YOTEL and Starwood Capital Group Enter $250 Million Strategic Partnership with Starwood Acquiring 30% Stake
Starwood Capital Group Acquires The Soon-to-Open Jeremy West Hollywood Hotel
Starwood Capital Group Sells Interest in Four Beachfront Hotels in Spain
Starwood Capital Group Opens First Uptown Suites in Concord, NC; More than 10 Additional Properties to Open by 2019
Starwood Capital Group Acquires Holiday Inn Manchester City Centre
Shimao Property Holdings Partners With Starwood Capital Group to Create New Hotel Joint Venture in China
China Life Invests with Starwood Capital Group in $2 Billion of U.S. Select-Service Hotels
Starwood Capital Group Selects Cycas Hospitality to Operate Four London Extended-Stay Hotels
Starwood Capital Group-Brookfield JV to Sell the Interhotel Portfolio of Nine Hotels in Germany to FDM Management
Starwood Capital, Along with HI Partners, to Invest Euro 500M In Spanish Hotels
Starwood Capital Group Acquires Portfolio of Fifty Extended-Stay Hotels
Starwood Capital Group Completes Sale of the UK's Ace Hotel London Shoreditch to Limulus Ltd.
Baccarat Hotels & Resorts Debuts With Manhattan Flagship March 18, 2015
Starwood Capital Group and Melia Create Joint Venture to Acquire Portfolio of Spanish Resorts
Starwood Capital Group Sells Baccarat Hotel New York to Sunshine Insurance Group Affiliate
Please login or register to post a comment.