YOTEL London Clerkenwell was sold for GBP 70 million

Central London hotel YOTEL London Clerkenwell was sold to Legal & General Investment Management (LGIM) Real Assets for GBP 70 million.

YOTEL London Clerkenwell, owned by 100 Clerkenwell (in administration) and run by United Kingdom hotel company Yotel, is Yotel’s first Central London-located hotel, and its construction was completed only in May last year. Trading began in August of the same year.Since the beginning of the Covid-19 pandemic, this transaction is one of the first Central London hotel sales. Yotel, which has shareholders including the Al-Bahar Group and Starwood Capital Group, will be able to add to its hotel portfolio, which currently includes 15 hotels across New York, Singapore, Istanbul Airport, San Francisco, Edinburgh and Amsterdam. Knight Frank acted for the administrators on the sale.



LGIM Real Assets senior fund manager Rob Codling noted: “This is the fund’s first operational hotel acquisition seizing a rare opportunity to acquire the hotel out of administration. The asset is located in a prime area of London, a short walk from Farringdon Station which with the opening of the Elizabeth Line (Crossrail) will make it one of the busiest stations in the UK, providing a fantastic opportunity to capitalise on the recovery of the London hotel market following the Covid pandemic.”

#knightfrank#londonhotels#yotel

Read Full Post »