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.
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.