Michael Achenbaum, founder of The Curtain is to cease management of the London hotel after the ‘economic impact’ of Covid-19 put an ‘incredible strain’ on the firm.
The Curtain is a six-storey hotel and members club on Curtain Road which opened its doors in 2017 following a £70m, four-year construction project.
In 2018, the 120-bedroom hotel in Shoreditch was sold to the Reuben brothers, who entered into a long-term agreement with New York hotelier Achenbaum.
The sale was ‘purely transactional’ with a subsidiary of Michael Achenbaum, of the Gansevoort Hotel Group, and Jeffrey Levine, the co-developers of the project, retaining management of the property via a long-term lease.
Now it’s been revealed in a letter to its members that Achenbaum is to no longer continue being the operator of The Curtain as a result of the impact of the coronavirus pandemic.
The full message said: “First, we want to express our sincere hope that you, your families and friends are all safe and well. Covid-19 has affected us all deeply. It has been an incredible strain on each of us in so many ways.
Sadly, the economic impact on my firm has made it impossible for us to continue being the operator of The Curtain. A letter under separate cover will explain the new management and provide you the opportunity to continue your membership on the same terms and conditions applicable under our former stewardship.
“I personally want to thank you for having been part of the unique and diverse community we created at The Curtain. It was a true pleasure getting to know so many of you personally.
As such valued customers and friends, we would be delighted if you came to visit us in NYC.”
The lease agreement secured in 2018 allows Reuben Brothers to benefit from additional upside through a share of the hotel’s operating income.
The Curtain comprises 120 bedrooms, a rooftop pool and restaurant Lido, spa, screening room, plus drinking den Billy’s Bar and open music space.
The hotel is also home to the first London outpost of Red Rooster, a restaurant from Michelin-star chef Marcus Samuelson, who served as guest chef for Barack Obama’s first state dinner as president.
The Curtain was Achenbaum’s debut property in London.