The Curtain Hotel in Shoreditch has been sold to the Reuben Brothers, who have entered into a long-term agreement with New York hotelier Michael Achenbaum.
The sale of the six-storey, 120-bedroom hotel and members club in London, which opened in 2017, is ‘purely transactional’, with no changes made to the management or operations of The Curtain.
A subsidiary of Michael Achenbaum, of the Gansevoort Hotel Group ,and Jeffrey Levine, the co-developers of the project, retains management of the property via a long-term lease.
The lease agreement allows Reuben Brothers to benefit from additional upside through a share of the hotel’s operating income.
Alongside its 120 bedrooms, The Curtain is also home to a rooftop pool and restaurant plus a wellness centre and co-working spaces.
It is also home to Marcus Samuelsson’s Red Rooster restaurant and The Green Room cocktail bar, named one of ‘London’s Best Bars Right Now’ by Conde Nast Traveller UK soon after opening in July 2018.
The purchase follows Reuben Brothers’ acquisition earlier this month of 47, 48, & 49-50 Poland Street in Soho.
The site benefits from planning consent by Westminster for redevelopment into a hotel with restaurant and bar space consisting of over 74,000 sq ft GIA over two basement levels, ground and six upper floors.
The transaction is the latest in a raft of property purchases this year which has included the Grade II-listed Burlington Arcade on Piccadilly and 69-70 Pall Mall.
The Reuben Brothers also own a portfolio of hotels across the UK, including the Lingfield Park Marriott Hotel & Country Club with its 18-hole golf course, and is scheduled to open a 154-room Hilton Garden Inn at Doncaster Racecourse.
Reuben Brothers remain the largest shareholder in Belmond, the NYSE listed global luxury hotel group.
Michael Achenbaum commented: “The decision to sell the freehold was prompted by several unsolicited approaches. However, our long term operating lease demonstrates our commitment to this exciting business which has received critical acclaim. We are delighted to be aligning with the Reuben Brothers who are experienced long-term investors and incredibly supportive of the diverse social elements of The Curtain. The sale of the freehold will act as a catalyst for us to develop sister properties in different international locations.”