Residential developer Euroterra Capital has expanded to hospitality with the acquisition of a £20m hotel in Paddington, London.
Euroterra has bought the budget Ventures Hotel at 12-20 Sussex Gardens, W2. The property comprises five buildings across 20,000 sq ft with 78 bedrooms. Euroterra aims to upgrade the family-run hotel as its first venture in the sector.
The company specialises in prime central London residential development around W2 and Hyde Park. Chief executive Pantazis Therianos is also a partner of private equity firm Pisach, which invests in residential and hospitality and has backed the new venture.
Therianos said: “While Paddington has traditionally been recognised as a gateway for international travel and a location by which to transit to other parts of London and the UK, the area is undergoing huge investment and fast becoming a lifestyle destination for young professionals.
“Euroterra Capital has always seen the potential in pockets of W2, and we will continue to look for commercial, retail and hospitality spaces beyond residential that we can improve.”
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