Sun Venture, a Singapore-based investment firm, has made its first foray into the hotel sector with the acqusition of the Hyatt Place London City East in the UK capital.
Financial details were not disclosed but media reports place the deal at around £100 mln (€117 mln).
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.'
The former office turned hotel has 280 keys and is located centrally in Aldgate. Additionally, the proposed development of the 800,000 ft2 (75,000 m2) Whitechapel Road Life Sciences Cluster in proximity adds to the hotel's allure as an investment opportunity, according to JLL hotels and hospitality, which faciliated the deal.
JLL acted for the seller, Resolution Property.
Under Sun Venture's ownership, the hotel will continue to be managed by Cycas Hospitality, a renowned European hotel management company.
The Hyatt Place London City East is on the Net Zero pathway in reference to the CRREM tool. The hotel opened in 2021 with BREEAM Excellent certification and has since received numerous accolades, including the Gold AirRated, Platinum SHe Travel Club, and Gold ActiveScore awards.
Rekha Toora, senior vice president, EMEA hotels capital markets at JLL 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.'
