New York-based Angelo, Gordon & Co has made its second investment in the UK this year by acquiring a hotel in London for £65 million (€76 million; $95 million) with local property company Gracemark Investments and hotel specialist Amerimar Enterprises.
The joint venture has acquired the 289 room Jolly St. Ermin’s hotel in Westminster from N-H Hotels off-market and without a management contract, it said. The partners are planning a complete renovation and repositioning of the property into an independent four-star-deluxe hotel.
News of the deal comes just two months after Angelo Gordon announced the acquisition of a $27.8 million loan secured against 104,000 square feet of office space in the City of London in a joint venture between Westcore Properties.
It is the first time Angelo Gordon has teamed up with Central London developer and asset manager Gracemark Investments. However, Angelo has worked with Amerimar Enterprises on 40 previous occasions.
“The new St. Ermin’s will be a premier independent hotel in the heart of London’s political, business and cultural center,” said Jon Cummins, chief operating officer of Amerimar.
The refurbishment will include the addition of more than 70 new rooms plus more than 50 suites and a complete renovation of the hotel’s entry, guest rooms, restaurants and meeting spaces