David and Simon Reuben have acquired the freehold of the Curtain hotel and members’ club in London, EC2A, for an undisclosed sum.
The Reuben brothers have entered into a long-term lease agreement with New York hotelier and developer Michael Achenbaum that will allow them to “benefit from additional upside through a share of the hotel’s operating income”.
A subsidiary of Achenbaum and Jeffrey Levine, the co-developers of the project, retains management of the property via a long-term lease.
The six-storey, 120-bedroom hotel and members’ club, which opened in 2017, measures more than 115,000 sq ft.
Its facilities include steam showers, a rooftop pool and restaurant, wellness centre, live performance room as well as co-working space for members and hotel guests.
The purchase follows Reuben Brothers’ acquisition earlier this month of 47, 48, and 49-50 Poland Street in Soho.
Achenbaum said: “The decision to sell the freehold was prompted by several unsolicited approaches. However, our long-term operating lease demonstrates our commitment to this exciting business, which has received critical acclaim.
“The sale of the freehold will act as a catalyst for us to develop sister properties in different international locations.”
Jonathan Hubbard of Cushman & Wakefield represented the seller in the transaction. Patrick Brennan of FairValue Capital advised the buyer and had arranged the original investment by Cheyne Capital.
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