Innovative boutique, Ace Hotel in Shoreditch, has been sold for an asking price of £150m, which works out at £580,000 per bedroom, a record sum for the area.
The much-loved creative East London hotel was acquired by Starwood Capital Group in 2012 and after extensive refurbishment, transformed into the Ace Hotel.
The 258-bedroom boutique then went on to win the accolade for Best Renovation at the 2014 European Hotel Design Awards.
In the sale marketed by JLL Hotel & Hospitality Group, the hotel’s new owner is venture capital company Limulus, but Ace Hotel Group, which operates properties in Los Angeles, New York, Palm Springs, Seattle and Panama, will continue to manage the hotel of behalf of the new owners.
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. Ace Hotel Shoreditch was the first hotel to open for the group outside of the US.
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.”