Starwood Grabs Ace Hotel London
- Apr 22, 2015
The Ace Hotel in London’s Shoreditch district has been acquired by Limulus from Starwood Capital Group. The new owner acquired the property for a total of 150 GBP, or around $222 million. Starwood Capital Group had purchased the asset out of administration three years prior, and put it through an extensive renovation process.
The sale of Ace Hotel London Shoreditch was arranged by JLL’s Hotels & Hospitality Group at a per-room price of approximately $860,000.
According to JLL Hotels & Hospitality Vice President Adam Wilson, the 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.” Wilson also noted that during the marketing process, around $1 billion of equity was attracted by the prospect, underlining the continued appeal generated by the English capital’s real estate market.
Ace Hotel London Shoreditch is a 258-key facility located on Shoreditch High Street in Hackney, north of London’s financial district. The hotel also offers guests 10 meeting spaces, a lobby bar, a nightclub, front desk retail offering a number of items, as well as fitness facilities. The work carried out at the property was recognized by the industry, with the hotel garnering “Best Renovation” at the 2014 European Hotel Design Awards. The transaction will not affect the management of the hotel, with Ace Hotel Group being kept on as the property manager for the venue.
The amenity package available to guests includes features such as complimentary WiFi, 24-hour front desk concierge, custom quilts by A.P.C., Rudy’s Barbershop bath products, original in-room artwork by local artists, Martin Guitars in select rooms, as well as Rega RP1 turntables with curated record selections. The hotel is also pet friendly and offers loaner bikes by Tokyo bike. Ace Hotel London Shoreditch houses the Hoi Polloi restaurant, which also offers room catering to the hotel’s guests.