Swiss investment management firm Geneva Management Group’s Real Estate arm, GMG Real Estate, has partnered with Ruby Hotels to secure the group’s second London development.
Situated just 600 metres from Farringdon station, the new build has 154 rooms and has been carefully designed to complement the historic facades of the surrounding buildings, with the addition of a few modern accents.
The development is located on Eyre Street Hill, an historic lane in Clerkenwell, known for its quirky mix of traditional pubs and lively bars. The area is also a favourite with foodies, with restaurants offering dishes from every corner of the globe and a thriving street food scene.
The hotel, which is expected to open in Q1 2021, will sit at the heart of a mixed-use development, which includes office space and 9 affordable housing apartments.
“London is a vibrant, cosmopolitan city, and has been throughout its history,” says Kyri Hadjisoteris, Executive GMG Real Estate. “As a developer, banking on it continuing to be so in the future simply makes sense. Our real estate investments are carefully chosen with a view to deliver solid returns for our investors, and we are confident that this hotel development will realise significant value for our clients. At GMG, we co-invest with our clients, further underlining how deeply we believe in our carefully selected projects”.
“The Clerkenwell development is just one of several we have planned for the capital in the very near future,” he adds. “And in Ruby Hotels, we have an equally ambitious partner for this particular project.”
Ruby’s approach, which combines luxury experiences with an affordable price tag, was also appealing to GMG Real Estate.
Ruby’s focus on top location, high-quality fittings, and outstanding design, while rigorously cutting out the superfluous and focusing on the essential, is in line with GMG Real Estate’s ethos of providing its clients with the best possible value for its services.
“Thanks to proprietary technical innovations, we plan, build and organise ourselves differently from conventional hotels,” says Ruby Group CEO and founder, Michael Struck. “To be precise, we plan and build in a very modular way and centralise as well as automate processes behind the scenes wherever possible. This helps us create a luxurious and unique hotel experience at an affordable price.”
For its part, GMG Real Estate has a track record of investment and value creation in urban mixed-use real estate in the UK, Switzerland, Germany and Portugal, which the Clerkenwell development will certainly validate.
“We believe that what Ruby is doing with the hotel component of the London development is very much in sync with what we’re doing in the mixed-use space,” Hadjisoteris concludes. “What happens here could set a benchmark for these kinds of developments in the future.”