The owner of the soon-to-be completed Nobu hotel in Shoreditch, EC2, has approached investors over a prospective £110m sale – a 5.3% yield.
Willow Corp, the investment vehicle of boutique hotel developer Meir Abutbul, is looking to sell the asset through a sale and leaseback, with Nobu Hospitality remaining as the operator.
The 150-bedroom hotel will be offered for sale on a long-leasehold basis for a term of 99 years with an option to renew for a further 50 years.
The development at 10-50 Willow Street is scheduled to be completed in May 2017 and includes a restaurant with a menu developed by chef Nobu Matsuhisa, a cinema, gym and six meetings rooms. It will be first hotel in Europe for the Japanese chain, which has restaurants in Park Lane and Berkeley Street, and opened its first hotel at Caesars Palace in Las Vegas in 2013.
The opportunity is being offered to a select group of global investors.
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