The East London Hotel has been sold to a joint venture between Crestline Investors and Avelios Group, an independent investment advisor, operating partner, and asset manager focused on European real estate and other asset backed investments.
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is a global institutional alternative investment management firm. The company maintains affiliate offices in London, New York, Toronto and Tokyo.
The East London Hotel, a freehold lifestyle hotel, comprises 161 en suite letting bedrooms, a reception, bar and restaurant facilities. The operational model of the hotel provides a high-tech guest experience, with online check-ins and check-outs, access via a smartphone and food and beverage ordered through the guest experience interface.
Constructed in 2018, The East London Hotel is situated in the heart of Bethnal Green, almost adjacent Bethnal Green tube station on the Central Line, approximately two minutes from Liverpool Street Station and 12 minutes from Bond Street Tube station.
Henry Jackson, head of hotel brokerage in Knight Frank’s hotels team, who handled the sale, said: “Following on from the success of the £70m Yotel Clekernwell sale, we are delighted to announce the sale of the East London Hotel. Kostas Erotokritou and I are thrilled to have completed this off-market transaction for our clients, which continues to demonstrate Knight Frank’s excellent track record in the London hotel market. We look forward to following the development of the asset with interest.
“Following the robust transactional activity in the regional market, investors are focusing on London as the sector continues to recover and we expect transactional volumes to continue to increase.”
Guido Lang, chief investment officer at Avelios, said: “We are very excited to be acquiring this quality lifestyle asset in a rapidly developing London submarket and believe the hotel is well positioned to benefit from a post Covid market recovery.”
Andrey Panna, managing director at Crestline, said: “We are constructive on a post Covid-19 hotel market recovery in core locations and believe that by deploying capital into the asset class today, we will be able to generate attractive, uncorrelated returns.”