Jon Hunt’s development firm Ocubis has sold its freehold hotel development in Shoreditch, EC2, to Dalata Hotel Group.
The site, at 49-51 Paul Street, was acquired for £32m. Planning was granted in February.
The hotel, with 130 to 140 bedrooms, will operate under the Maldron brand. It is expected to open in early 2022.
The total cost of developing the hotel, including the £32m site cost, will total around £60m.
CBRE and Capital Real Estate Partners advised Ocubis.
Lewis Corby, director of hotel brokerage and investment sales at CBRE, said: “We received exceptional demand from domestic and international investors, demonstrating that despite any Brexit concerns, London is still one of the world’s leading hotel markets.”
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