Resolution Property has Refinanced it’s Hyatt Place, London City East following a July Opening
Main Photo: The new Hyatt Place hotel
Date: August 2021
Name: Hyatt Place London City East
Location: Whitechapel, East London, England, UK
Number of Keys: 280
Owner: London’s Hyatt Place hotel, which opened 28 June 2021, bringing stylish interiors, expertly-curated street art, the City’s newest rooftop bar and stunning skyline views to the cosmopolitan heart of East London, has refinanced.
As the brand’s third Hyatt Place across the capital, the franchise property is owned by Resolution Property, was developed in collaboration with Berkeley Capital Group and is managed by Cycas Hospitality.
Funder: KSL, via its European Capital Solutions, has provided an £85m loan, brokered by CBRE. The funding replaces a development loan, and provides headroom for potential short term shortfalls as the property launches into the recovering market.
Scott O’Donnell, chief operating officer at Resolution Property, said: “We are pleased to have worked with CBRE on the financing of Hyatt Place London City East hotel. Having successfully opened the hotel on 1 July, refinancing the development loan was the next step in the hotel’s life cycle. CBRE and KSL have worked with us to deliver a financing package that reflects the strong fundamentals of the hotel as well as the unique challenges of opening a new hotel during the early stages of London’s hotel recovery.”
Chris Gow, executive director, debt and structured finance at CBRE, added: “We are delighted to have secured this financing on behalf of our client, Resolution Property. This transaction demonstrates renewed lending appetite for assets benefitting from a combination of strong real estate fundamentals, established sponsors and an attractive brand. It also underlines recovery expectations for the London hotel market, which has been severely challenged over the course of the last year. Demonstrating their in-depth experience of the hospitality sector, KSL provided a thoughtfully structured and seamlessly executed loan to accommodate the property’s opening and post-Covid ramp up.”
Resolution Property was advised by Taylor Wessing, KPMG and Berkeley Capital and KSL by Latham & Watkins.
Located just a few steps from Aldgate East station, this upscale hotel offers effortless access to the City of London, the iconic sights and delights of Brick Lane, Spitalfields plus the artistic streets and buzz of neighbouring Shoreditch. A smart choice for both leisure and business visitors, over 100 of the hotel’s 280 rooms have exceptional views across the capital, The Gherkin and Canary Wharf.
Thirteen of the bedrooms across the top two floors come with their own private outdoor terraces or balconies, delivering picture-postcard views of the world-famous London skyline. Some floors are designated pet-friendly, and all the cleverly-designed twin, double and king rooms feature a dedicated workspace, smart TV, free Wi-Fi and contemporary furniture. For families and groups visiting the hotel, some rooms include sofa beds to offer additional occupancy, while corner rooms can be configured to share a private entrance for additional privacy and space.
On arrival, guests are welcomed by two abstract-style murals by Brixton-based abstract artist Olly Fathers. The Concord Art Prize finalist uses colourful, intricate geometrics to spray his bold East London-themed art across the reception walls.
London-based mural artist, Jay Kaes has brought one of the Zoom Restaurant feature walls to life with a striking spray-painted mural. With his global reputation for ‘art with personality’, his London Underground inspired design keeps true to his mission to create walls that talk while reflecting the neighbourhood’s colourful personality.
Meanwhile, those staying on the first-floor are treated to views of a multi-coloured mural spanning the entire outside wall space. Devised and painted by contemporary abstract artist Lothar Götz, the vibrant geometric design – which is 3 metres high and nearly 30 metres long – has been carefully composed to factor in the symmetry of the bedroom’s that overlook the artwork, giving each guest a unique perspective.
In celebration of the hotel’s vibrant community, expert art curators ARTIQ were engaged to integrate bespoke homegrown art throughout the hotel, from local landmarks and architectural teasers to famous faces and urban aesthetics.
THPT Comment: Very arty Hyatt Place finds finance…well done.
First Seen: The Caterer
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
For more information – Visit www.thpt.co.uk or email [email protected]