US-based private investment firm Starwood Capital Group has completed the divestment of Ace Hotel London Shoreditch to Limulus.
Starwood purchased the 258-room property in June 2012 through its subsidiary.
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Starwood Capital Group vice-president Nick Chadwick said: "We are thrilled that our ambitious vision for this hotel has come to fruition, and that we have been able to considerably enhance the value of this asset by positioning it to take advantage of the tremendous growth prospects of the Shoreditch market.
"Ace Hotel has proven to be the perfect brand for this property, and our successful partnership on Ace’s first project outside the United States underscores Starwood Capital’s commitment to working with innovative hotel management companies of all sizes to the ultimate benefit of our investors."
Situated in Shoreditch, London, the property features a focal-point lobby bar, the Miranda nightclub, Hoi Polloi restaurant, Bulldog coffee shop and three retail units.
The hotel also includes an events space on the seventh floor that offers city views and an outdoor terrace that was replaced in the former hotel restaurant and meeting space.
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By GlobalDataIn February 2015, Starwood Capital created a new joint venture (JV) with Spanish hotel operator Melia Hotels International to acquire properties across key resort locations in Spain.
Starwood’s controlled affiliate will hold a 80% stake in the new JV and Melia Hotels will own the remaining 20% interest. The new JV initially will acquire seven beachfront hotels with 2,933 rooms in a deal worth €176m ($198m).
