Today’s news in brief – 14/11/23
Native Places has unveiled its seventh aparthotel, Native King’s Wardrobe, St Paul’s, marking its fourth property in London. Set to open in January 2024, the aparthotel is situated in a historical location, formerly known as the Royal Wardrobe in the 14th Century. The property, spread across seven Grade II listed townhouses, offers 92 apartments equipped with kitchens, living and dining areas, and workspaces. Each townhouse is named after influential British and international fashion designers. The aparthotel also features ‘Counter,’ a neighbourhood space developed by Native Places. The design reflects a revival of the historic site, providing guests with a spacious and characterful stay in the heart of the City of London.
Christie and Co advised Ares Real Estate Group in a €440m (£387.3m) global refinancing deal for Generator Hostels’ European arm. This transaction, recognised as one of the largest real estate refinancings in 2023, involved existing lenders Waterfall Asset Management and Värde Partner. Generator Hostels, one of Europe’s largest hostel brands, offers a mix of private and shared accommodations across central locations in Europe and North America. Christie and Co provided consultancy and commercial due diligence services, highlighting the growing opportunities in the hostels sector. The deal emphasises the increasing understanding of the hostel market within the investment community and showcases potential growth in the European development field.
The McKeever Hotel Group, celebrating its 30th anniversary, announced a strategic three-year plan aimed at increasing turnover to £60m. The plan involves expanding operations across the UK and Ireland, with acquisitions and hotel management contracts integral to its growth. The group invested £3m in capital expenditure, including significant refurbishments of its hotels in Donegal and Antrim. Eugene McKeever, the founder, transitions to the role of group chair, while Eddie McKeever becomes group managing director. The restructuring also includes changes in leadership roles and a commitment to invest £250,000 in workforce training and development.
St Giles House Hotel, a four-star boutique hotel and wedding venue in Norwich, has been listed for sale at £2.9m for the freehold. Dating back to the mid-18th Century, the Grade II-listed property retains its original features and offers 24 en-suite bedrooms, a bar, restaurant, spa, and event spaces. Positioned in Norwich’s historic quarter, the hotel provides an attractive investment opportunity with the potential for new ownership and additional investments. The property, currently operated by staff under management, presents a chance for prospective buyers looking for a business in a prime East Anglia location.
