Every week we will be delving into the world of Hotel Property thanks to our friends The Hotel Property Team (THPT). We will be covering 5 recent deals that has taken place over the last 7 days with insights from THPT Managing Partner, Dev Anand.
Ziser London Acquires Fulham Town Hall for Hotel Conversion
BBS Capital has arranged a loan with OakNorth, for private family office Ziser London, to acquire the landmark Fulham Town Hall. We think this is their first venture into hotels, but very expereinced in residential and commercial property.
Located on London’s Fulham Road, Fulham Town Hall was built between 1888 and 1890 and extended between 1904 and 1905, for a cost of £30,000 at the time.
Joanne Barnett of BBS Capital, said: “Our excellent working relationship with OakNorth was key to closing this deal for our client. Arranging the finance had the potential to be challenging, because planning permission to transform Fulham Town Hall into a hotel has not yet been granted.
THPT Comment – The grand exterior building has been hanging around since 2011, since when the local council has been debating whether it would be right as a hotel, and even now it still has to go through a planning application. In 2011, LSH (Lambert Smith Hampton) achieved a sale to Dory Ventures, makers of the Maclaren childrens’ buggy!
Accor planning UK’s first Jo&Joe in London’s Rex Cinema
Accor is believed to be planning UK’s first Jo&Joe in London in the former Rex cinema in east London’s Bethnal Green, after plans for a boutique hotel were sidelined, according to UK’s The Caterer.
The hostel-style economy brand is designed to appeal to millennials and Accor initially announced plans to open 50 Jo&Joe venues by 2020.
Plans to turn the property into a hotel were part of Southern Grove’s plans to target other hotel and leisure development opportunities in London in a bid to become “a leading provider of small independent hotels in emerging locations”.
THPT Comment – We look forward to this interesting Accor brand opening in London/UK – hope it’s true!
Hotelier John Malone has Paid €50m for the Powerscourt Hotel in Wicklow, Ireland
John Malone, MHL Collection, with partners Paul Higgins and John Lally, who have 11 top-notch hotels including the five-star InterContinental and Westin hotels in Dublin and Glenlo Abbey in Galway.
The Powerscourt Hotel in Co Wicklow was built for €200m as the Ritz Carlton and opened in 2007.
THPT Comment – Great price and fab addition to the MHL portfolio. Great deal for the Midwest Holding consortium.
Historic Martha’s Vineyard Hotel Readies for May 1 Re-opening
The Harbor View Hotel, a property that opened in Martha’s Vineyard, 128 years ago, is slated to reopen on May 1 2019, following a top-to-bottom renovation that will introduce a fresh design throughout the hotel’s guestrooms and public spaces. It will also include a four-bedroom penthouse suite and two new restaurants.
Guestrooms are being refurbished in the historic Main Building and Governor Mayhew Building, both of which are being given new names.
Those in the main building will have a fresh and luxurious style that will be respectful of Harbor View Hotel’s legacy. The island’s natural beauty will be reflected in a colour palette of café au lait, blue and cream; and in fabric with a native oak tree motif applied to curtains, bed skirts and headboards for a classic European look.
THPT Comment – Delighted that 130 year-old hotel has been given a new lease of life for the 21st century.
Serviced Apartment Specialist Ascott is Moving into Hotels with Citadines Connect
CapitaLand’s wholly owned lodging business unit, The Ascott Limited, has launched Citadines Connect, a line of business hotels with selected services, to widen its short-stay offerings as it continues to grow its portfolio, as a sub-brand of Citadines.
Citadines Connect will launch with properties in New York and Sydney, this year, aimed at short stay guests, guest rooms will be in the range 18-21 sq metres.
Citadines Connect business hotels will have tech-enabled features such as mobile keys, self check-in kiosks, smart washing machines or laundromats, content streaming-enabled televisions, and Google cloud printers.
THPT Comment – Interesting move for the company that invented the serviced apartment concept in Asia in the early 1970’s, by the Jumabhoys family – became part of CapitalLand in 2006 as a REIT and has progessed to being probably the largest company in the sector, has chosen to drop into hotels.
They also own London’s Cavendish Hotel for a few years now, but still run it as a hotel…another Citadines Connect?
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between them, they provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
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