The Ace Hotel in Shoreditch, London, has been sold for its asking price of £150m – working out at £580,000 per bedroom.
The 258-bedroom property was acquired out of administration by Starwood Capital Group in 2012 and, after an extensive refurbishment, was rebranded to an Ace hotel.
The hotel was acquired by new owner Limulus, however Ace Hotel Group, which operates in Los Angeles, New York, Palm Springs, Seattle and Panama, will continue to manage the hotel.
Situated on Shoreditch High Street the hotel, which was marketed by JLL’s Hotels & Hospitality Group, features 10 meeting spaces, a lobby bar, a nightclub and the Hoi Polloi restaurant.
Adam Wilson, vice president at JLL’s Hotels & Hospitality Group, said: “This transaction sets a new benchmark for hotel pricing in the local area and represents a narrowing of the gap between East and West London pricing. This sales process attracted over £1bn of equity from all over the globe and is indicative of the insatiable appetite for London hotel real estate.”