Queensgate Investments Fund I and a group of private investors have created a €335 mln partnership for a hotel and conference centre project next to the O2 Arena in London.
Queensgate Investments Fund I and a group of private investors have created a €335 mln partnership for a hotel and conference centre project next to the O2 Arena in London.
The consortium has exchanged contracts with Anschutz Entertainment Group (AEG) to buy a hectare riverfront hotel led site directly linked to the O2 Arena venue.
AEG has retained an interest in the development.
The buyers will build a 452-room luxury hotel, which will be one of Europe's largest hotel conference centres with 2,800 m2 of space, and 100 private serviced residences.
Construction is expected to begin in the first quarter of 2013 with completion due in 2015.
A hotel management contract will be entered into with Arora, which operates 2,800 rooms in the UK, and franchise agreement heads of terms have been secured with one of the world’s leading hotel brands, Queensgate said.
The consortium has secured lending facilities from two banks and Jones Lang LaSalle has been appointed to sell the 100 private serviced residences.
Queensgate Investments advises circa £500 mln of equity and is a strategic partnership between Jason Kow and LJ Group, a multi-family office which advises approximately 200 families and over $6.5 bn of assets.
