AXA Investment Managers – Real Assets, has confirmed that it will buy a new hotel in the Berkeley Group’s 250 City Road development, EC1, as reported by Estates Gazette in October.
It has said it will invest £90m in the 190-bedroom hotel on behalf of a large US pension fund.
AXA IM – RE said the City Road hotel will be fitted out and managed in conjunction NH Hotel Group, under its nhow brand.
Construction of the hotel has already started and shell and core delivery is planned for early 2018.
Berkeley Group secured planning permission for the 5.5-acre 250 City Road project in August 2014. In addition to the four-star hotel, the 1.2m sq ft mixed-use scheme will include 75,000 sq ft of offices, 40,000 sq ft of shops and 933 flats.
