DealMakerz- 13th August 2018
The Reuben Brothers are extending their portfolio of hotels after acquiring a site in London’s Soho. David and Simon’s real estate company has bought 47,48 & 49-50 Poland Street, together with land to the rear of 54-55 Great Marlborough Street.
The site currently comprises three retail and office buildings, totalling 53,000 sq ft GIA, and comes with planning consent for a hotel with restaurant and bar space. The hotel area will consist of over 74,000 sq ft GIA on two basement levels, ground and six upper floors.
Reuben Brothers acquired the Soho site from the Shiva Hotel group, who will operate the hotel under a long lease. Shiva currently owns and manages the Kingsway Hall Hotel in Covent Garden, the Hilton at London Heathrow Terminal 5 and the Hilton DoubleTree at London ExCel. Shiva also owns the former NCP Car Park on Marylebone Lane, which now has planning consent for a hotel.
The asset-backed hospitality deal follows Reuben Brothers’ acquisitions last year of the Nevai Hotel, including the celebrated Farm Club, in Verbier and a 15th century palazzo hotel in the heart of Venice. Reuben Brothers entered into long term operating agreements on both the hotels with hospitality company Experimental Group.
Reuben Brothers is the largest shareholder in Belmond, the NYSE-listed global luxury hotel group. In England, the Reuben brothers own a portfolio of hotels such as the Lingfield Park Marriott Hotel & Country Club with its 18-hole golf course. The duo are scheduled to open a 154-room Hilton Garden Inn with a hospitality suite for around 400 guests at the Doncaster Racecourse later this year.