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SOLD! The Curtain Hotel

Tuesday 28th August, 2018
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SUSD, the developer behind The Curtain Hotel & Members’ Club which first opened its doors in May 2017, has announced its sale to Stamford Group, a company controlled by the Reuben Brothers. The sale and leaseback deal on the nine-storey, 120-key new-build grants the current operator, Michael Achenbaum and The Curtain Club management a 99-year lease. Achenbaum (Founder of Gansevoort Hotel Group) sought SUSD’s services out in 2013, working closely with the creative development consultancy to realise this, their first UK project. SUSD will continue providing its services after the sale.

Harry Harris, Managing Director of SUSD, comments,

“We’re delighted with the sale and how quickly The Curtain has shown its value. We’ve been involved with this project from the very beginning, from the inception of the idea itself through to acquiring the site, securing funding, design and construction management and now in helping to facilitate the sale and leaseback agreement. Our background in hybrid hotels and members’ clubs, and our understanding of the growing demand for convergence properties that provide co-working and living spaces with a lively cultural offer, is what prompted us to choose this model for The Curtain. It’s great to see how warmly The Curtain been embraced by the Shoreditch crowd and its future looks very bright under the ownership of the Reubens.”

Harris and Achenbaum settled on Shoreditch for Gansevoort’s first hotel outside the USA, due to the area’s cultural similarity to New York’s Meatpacking district where the first Gansevoort Hotel is located. Harris went on to secure RBS as senior debt provider and Cheyne Capital as mezzanine equity provider, before bringing Dexter Moren Architects on board to transform the site of a former 1970s office block into a world-class hotel & members’ club.

Following the completion of the sale, SUSD will continue work on the conversion of the Grade II-listed, 18th century Grotto House in Basildon into a country hotel & members’ club, that will be linked to Harris’ Devonshire Club in the City of London, as well as the development of a boutique beachfront hotel on the South coast.

SUSD was advised on the sale by Cushman and Wakefield and by European law firm, Fieldfisher.

About SUSD

SUSD is a creative development consultancy founded in 2004 by construction finance specialist, design professional and dealmaker, Harry Harris. With over 25 years of experience in the real estate industry, Harry and his team offer expert guidance and a bespoke suite of services including development management, property management, procurement, financial management, architecture, project management and design.
Whilst SUSD currently specialises in hybrid hotel & private members’ club properties, including Devonshire Club in the City of London, its portfolio also spans commercial and residential sectors. SUSD also provides project management, development management, planning and design consultancy for clients and partners such as Blackstone, Cheyne Capital and Lord Ashcroft’s group of companies. 

 

Photo Credits:  Homepage image,  A Stagg.  

  Inner images (this page), Adrian Houston