:
UK: Qbic Hotel London City, in Whitechapel, has been sold to an affiliate of Cerberus Capital Management
The vendor was specialist sustainable lender Bridges Fund Management, which first invested in Qbic via its Sustainable Growth Fund III in 2012, funding the conversion of a disused 56,000 square foot office building into the boutique 171-room hotel. The sale price has not been disclosed.
The property was built using the Dutch Qbi concept, which utilises pre-fabricated bedrooms made primarily from recycled materials that can be installed within an existing structure. Qbic also operates a property in Amsterdam.
Since opening in 2013, Qbic has seen consistent year-on-year revenue growth and trading for Q1 2017 was up 11 per cent on the same period last year.
Ian Taylor, investment director at Bridges, said: “The success of Qbic has shown that by focusing on environmental impact – both during the build process and in their ongoing operations – hotels can not only reduce costs, but also create a brand with a real commercial advantage.”
Lee Millstein, global head of real estate at Cerberus, added: “This transaction represents an opportunity for us to work closely with Qbic Management while also applying our substantial experience in the global hospitality sector to a new growth platform. Together, we plan to create long-term value in the business through creative real estate solutions and by organically scaling the platform and portfolio across multiple cities.”
KPMG Corporate Finance advised Bridges on the sale, while Addleshaw Goddard provided legal counsel.
