London’s Standard hotel sold in £185m deal

A trio of investors have bought the 266-bed The Standard Hotel in King’s Cross, WC1, for around £185m. The hotel has been bought from investor Crosstree by Trinity Investments, Oaktree and Partners Group. It is the second European asset to be bought by US-based hotel investor Trinity this year. Ryan Donn, managing partner at Trinity Investments, said: “This hotel has quickly become a cultural icon in one of London’s most dynamic neighbourhoods. We see huge potential to build upon this strong foundation by collaborating with Standard International, following its incorporation into the Hyatt family of brands, and solidify the hotel’s position as a leading luxury lifestyle destination in Europe. The hotel is the perfect addition to Trinity’s quickly expanding portfolio in Europe.” Benjamin Bianchi, managing director and head of Europe for Oaktree’s real estate group, said the deal marked another milestone in the firm’s joint venture with Trinity and reflected its confidence in the growth potential of Europe’s luxury lifestyle sector. “We strongly believe that distinctive brands drive performance,” added Partners Group managing director Stephen McCall. “The Standard, London is our third acquisition with Trinity, and the first in Europe since we announced our strategic partnership in April.” McCall said Partners would continue to build its focus on global hospitality as a “priority investment theme”. Crosstree bought the former annexe of Camden Town Hall from Camden Council in 2014 for around £40m, converting it from rundown offices into a luxury hotel. Hyatt Hotels agreed to buy The Standard International, which owns the Standard and Bunkhouse brands, in August for $335m (£257m).