UK-based private equity investor and developer Reuben Brothers has acquired the Curtain Hotel and Members Club in London Shoreditch through a long-term agreement with New York hotelier Michael Achenbaum of Gansevoort Hotel Group.
Reuben Brothers has no plans to make any changes to the management or operations of the hotel and members club. A subsidiary of co-developers Michael Achenbaum and Jeffrey Levine will retain management of the property via a long-term lease.
Patrick Brennan of FairValue Capital advised the buyer while Jonathan Hubbard of Cushman & Wakefield represented the seller in the transaction.
The Curtain, which opened in summer 2017, has more than 115,000 square feet of space over six stories and 120 guestrooms and suites. The hotel is near the City of London and Amazon's new UK headquarters at Principal Place.
“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,” Achenbaum said in a statement.
The purchase follows Reuben Brothers’ acquisition earlier this month of 47,48, & 49-50 Poland Street in Soho from UK-based Shiva Hotels. The site has planning consent by Westminster for redevelopment into a hotel with seven floors. Shiva Hotels will operate the new hotel under a long lease.
The transaction is the latest in a slew of Reuben Brothers property purchases this year. These included the grade II-listed Burlington Arcade on Piccadilly and 69-70 Pall Mall.
Reuben Brothers' will soon open a 154-room Hilton Garden Inn at Doncaster Racecourse in Doncaster, England later this year. The new properties will join Reuben Brothers' portfolio of hotels across the UK, including the Lingfield Park Marriott Hotel & Country Club.