Singapore-based investment firm Sun Venture has made its first foray into the hotel sector acquiring Hyatt Place London City East from Resolution Property for an undisclosed price.
Located in the heart of Aldgate, the Hyatt Place London City East was formerly an office building and opened as a 280-key hotel in 2021. The hotel will continue to be managed by Cycas Hospitality.
Esther Siam, director, real estate at Sun Venture, said: “Sun Venture is pleased to acquire Hyatt Place London City East, a quality hotel with strong trading performance and notable green credentials. This marks our first hotel acquisition and aligns with our strategy to expand and diversify our real estate portfolio. As a firm, we see great strength and resilience in the hotel sector in London and other gateway cities and look forward to growing our footprint in the sector.”
Scott O’Donnell, partner at Resolution, added: “Hyatt Place London City East is a BREEAM Excellent certified hotel providing guests with a superbly well-connected hotel, offering a number of amenities and a roof terrace with unrivalled views over East London. Resolution Property acquired the asset in 2015 and have successfully repositioned and refurbished it into one of London’s most high-performing sustainable hotels. Having guided the hotel through its opening and stabilisation period, we are pleased to have found a new owner who will continue its story going forward.”
Rekha Toora, senior vice president, EMEA hotels capital markets at JLL, which represented Resolution on the sale, said: “This iconic hotel exemplifies the dynamic growth of London’s hospitality sector, and we are thrilled to have played a pivotal role in this transaction. The sustainability credentials of the hotel in an area undergoing continued transformation, makes it an incredibly attractive investment opportunity.”
Will Duffey, head of EMEA hotels and hospitality capital markets at JLL, added: “This deal is a true example of how JLL’s global hotel desk works so well for our clients, in attracting and establishing new investors in both the sector and the region. With a dedicated senior team, who have long established relationships across the globe with capital sources, we are able to match investors with unique opportunities in the ever-evolving hospitality market.”
