Bridges Fund Management sells its Qbic sustainable hotel in Whitechapel, London

Qbic Hotel London City, Whitechapel, London

Sustainablity-focused investor Bridges Fund Management and private investor Cerberus Capital Management have sold the Qbic Hotel to an affiliate of Cerberus.

Bridges first invested in Qbic in 2012 via its Sustainable Growth Fund III, which turned a disused 56,000-square-foot office building in the Whitechapel district of London into the boutique Qbic Hotel.  

Following Bridges' sustainability platform, the guestrooms at Qbic were built through the Qbi construction process. Developed in Amsterdam, Qbi is a pre-fabricated bedroom made primarily from recycled materials that can be installed within an existing structure. Qbic introduced various sustainability features within the hotel, including solar panels, LED and energy-efficient lighting and water-saving measures.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Since opening in 2013, Qbic has gained consistent year-on-year revenue growth. Revenue for the first quarter of this year was up 11 percent over the same quarter last year. 

KPMG Corporate Finance advised Bridges on the sale while Addleshaw Goddard provided legal counsel.

Suggested Articles

The country's first Radisson hotel will open in late-2021 in the city of Perm.

Ahead of next year's IHIF in Berlin, Corinthia's SVP/Hotel Development Paul Pisani shared how the company is wrangling new trends in luxury travel.

The company experienced an 0.8 percent decline in revenue per available room in constant currency and a 1.9 percent decline at actual exchange rates.