One of London’s newest and most sought-after luxury lifestyle hotels and members’ clubs, The Curtain Hotel and Members Club in Shoreditch, which was brought to the capital in 2017 as a new concept by Michael Achenbaum, also of Gansevoort Hotel Group, has been sold to the Reuben Brothers. The sale is purely transactional and no changes will be made to the management or operations of the hotel and members club; a subsidiary of Michael Achenbaum and Jeffrey Levine, the co-developers of the project, retains management of the property via a long-term lease. The lease agreement allows Reuben Brothers to benefit from additional upside through a share of the hotel’s operating income. The purchase price was not disclosed.
The Curtain, which opened in summer 2017, is held Freehold and comprises over 115,000ft² (GIA) 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. It is also home to acclaimed chef Marcus Samuelsson’s Red Rooster restaurant and The Green Room cocktail bar. Located on the edge of the City of London yet close to the creative heart of Shoreditch, the hotel is also a stone’s throw from Amazon’s new UK HQ at Principal Place.
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 a restaurant and bar space consisting of over 74,000ft² GIA over two basement levels, ground and six upper floors. The transaction is the latest in a raft of property purchases this year which has included the grade II-listed Burlington Arcade on Piccadilly and 69-70 Pall Mall.
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. 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.”
Jonathan Hubbard of Cushman & Wakefield represented the seller in the transaction. Patrick Brennan of FairValue Capital advised the buyer and had arranged the original investment by Cheyne Capital.
