Sun Venture acquired the site from UK asset manager Resolution Property in a deal brokered by JLL. Resolution listed the building last year at a guide price of £105 million, but sources familiar with the deal say Sun Venture paid under £100 million. Esther Siam, director for real estate at Sun Venture, said in a statement: “This marks our first hotel acquisition and aligns with our strategy to expand and diversify our real estate portfolio.
“As a firm, we see great strength and resilience in the hotel sector in London and other gateway cities and look forward to growing our footprint in the sector.”
Scott O’Donnell, partner at Resolution, commented: “Resolution Property acquired the asset in 2015 and have successfully repositioned and refurbished it into one of London’s most high-performing sustainable hotels.
“Having guided the hotel through its opening and stabilisation period, we are pleased to have found a new owner who will continue its story going forward.”
Hyatt Place London City East will continue to be managed by European hotel operator Cycas Hospitality, which has been managing the property since its opening nearly three years ago. The hotel brings Sun Venture’s portfolio to seven assets globally, four of which are in London, including 120 Moorgate, a grade A commercial building in the City of London, which it acquired from WeWork Capital Advisors in 2022 for £148 million.
The firm, founded by entrepreneur Ricky Au in 2008, made its London debut in 2020 by acquiring first 1 New Oxford Street, followed soon after by 1&2 New Ludgate, for a combined £726 million.
