Property Week- 28th August 2018
David and Simon Reuben have acquired a luxury hotel and members’ club in Shoreditch, East London from hotelier Michael Achenbaum
The Reuben brothers have bought the freehold interest in The Curtain Hotel and Members Club, and have signed a long-term lease with Achenbaum allowing him to continue to operate it. The lease agreement allows the Reuben Brothers to receive a share of the hotel’s operating income. Achenbaum, who is also a co-owner of Gansevoort Hotel Group, opened the Shoreditch site in 2017 in partnership with Jeffrey Levine.
It comprises more than 115,000 sq ft of space over six stories and has 120 luxury bedrooms and suites. It also has a private members’ club, a rooftop pool, wellness centre, live performance room and co-working space. In addition it is home to chef Marcus Samuelsson’s Red Rooster restaurant and The Green Room cocktail bar, and is located close to Amazon’s new UK HQ at Principal Place.
Reuben Brothers buying spree
The purchase follows Reuben Brothers’ acquisition of 47,48, & 49-50 Poland Street in Soho earlier this month. That site has planning consent for redevelopment into a hotel with restaurant and bar space consisting of over 74,000 sq ft over two basement levels, ground and six upper floors. The Reubens also bought the grade II-listed Burlington Arcade on Piccadilly earlier in the year.
They also own the Lingfield Park Marriott Hotel & Country Club, and are scheduled to open a 154-room Hilton Garden Inn at Doncaster Racecourse later this year. They remain the largest shareholder in Belmond, the NYSE listed global luxury hotel group.
Speaking about the Curtain Hotel deal, Michael Achenbaum said: “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. We are delighted to be aligning with the Reuben Brothers who are experienced long-term investors and incredibly supportive of the diverse social elements of The Curtain. The sale of the freehold will act as a catalyst for us to develop sister properties in different international locations.”
Patrick Brennan of FairValue Capital advised the buyer and Jonathan Hubbard of Cushman & Wakefield represented the vendor.