Private equity firm Reuben Brothers has purchased the freehold of the Curtain hotel and members club in Shoreditch, in the City of London, under a long-term agreement with its co-developers, New York hotelier Michael Achenbaum and Jeffrey Levine.
Financial details were not disclosed.
The 170-room asset, which opened in the summer of 2017, will continue to be operated by the current management team under a long-term lease agreement.
The Curtain comprises over 115,000 sq ft (10,700 m2) of space over six stories and 120 luxury bedrooms and suites featuring steam showers, a private members’ club, a rooftop pool and restaurant overlooking the City skyline, wellness centre, live performance room as well as co-working space for members and hotel guests.
The purchase follows Reuben Brothers’ acquisition earlier this month of 47,48, & 49-50 Poland Street in Soho. The site benefits from planning consent by Westminster 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.
Reuben Brothers also own a portfolio of hotels across the UK, including the Lingfield Park Marriott Hotel & Country Club with its 18-hole golf course, and is scheduled to open a 154-room Hilton Garden Inn with hospitality suite for around 400 guests at Doncaster Racecourse later this year. Reuben Brothers also remain the largest shareholder in Belmond, the NYSE listed global luxury hotel group.
Michael Achenbaum commented: '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.'
Cushman & Wakefield represented the seller in the transaction. FairValue Capital advised the buyer and had arranged the original investment by Cheyne Capital.