Highgate Hotels is mulling a partial sale of a £300m hotel-led development in Shoreditch, E1.
Manhattan’s largest hotel operator has appointed JLL to advise on options for 201-207 Shoreditch High Street after a series of approaches from investors offering as much as £150m for the site.
It is now considering options to bring in a capital partner for the project. No decision has been made but were it to pursue a partial sale, Highgate is expected to retain a stake in the scheme, as well as its position as operator of the hotel.
The proposed scheme, opposite Shoreditch High Street Station, consists of a 30-storey tower comprising 127,000 sq ft of offices and a 200-bedroom hotel, plus shops and restaurants. The site includes the former Chariots sauna building at 1 Fairchild Street, EC2.
Highgate secured consent for the Gensler-designed scheme in December. Work is expected to complete by the end of 2018.
Highgate owns and operates 10,000 bedrooms in New York and a further 30,000 worldwide.
It bought Austrian group K+K’s 1,184-bedroom European hotel portfolio with Goldman Sachs for €350m (£257m) last year. The portfolio includes the 154-bedroom K+K Hotel George in Kensington, SW5.
