14 March 2008 – Property Week
Hotel operator Park Plaza has joined up with the Reuben brothers to build a hotel dedicated to a modern artist.
By David Doyle
Park Plaza subsidiary Apex has entered into a 50/50 joint venture with the Reubens’ property vehicle Aldersgate Investments.
The joint venture, Aspirations, owns the site in Hoxton, east London, which will be developed into a 4-star boutique hotel under the brand ‘art’otel’.
Apex is paying £3m for the 50% stake in Aspirations – which had an unaudited value £6m at the end of January.
Park Plaza has entered into an agreement to manage the hotel for an initial 20-year term.
Park Plaza, which operates hotels in Europe and the Middle east, is in talks to identify the artist to be associated with the hotel.
The chosen artist will be involved in the interior design and their artwork will be exhibited at the hotel.
The proposed hotel will include, an art gallery, two auditoriums and a photography studio.
A planning application will be submitted later this year.