Manex Properties, a joint venture between boutique hotel brand AMANO Group and Excellion Capital, has acquired Waterman House at 41 Kingsway in London from Regal Hotels International Holdings for circa £20m.
The vacant, circa 25,000 sq ft office building will be transformed into a new boutique hotel providing circa 70 guest rooms, complemented by a new ground floor food retail concept.
Philip Rokeach, director at AMANO Group, said: “Our vision – to bring Berlin’s flair to London – was successfully achieved with Hotel AMANO Covent Garden, our first London hotel. The market’s response – occupancy levels that are consistently well in the 90’s – has been so positive that acquiring Waterman House now feels like a natural next step. This is the right time to expand our presence here and we are delighted to deepen our commitment to London. We look forward to making further investments and to growing our London brand.”
Robert Stafler, director at AMANO UK & Manex Properties, added: “Today’s completion concludes a complex 10-month cross-border M&A process. We’re thrilled to have secured a property we have had our eyes on ever since we bought Drury House. Waterman House has much architectural heritage and we are excited to bring this derelict central London asset back to life – to restore its beauty and transform it into a destination every bit as exceptional as the flagship AMANO Covent Garden.”
DLA Piper advised Manex and Simmons & Simmons advised the vendor.
