Speechly Bircham completes a London hotel acquisition for Ekistics Property Investors 1 LP in 2014
13 June 2014
This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.
Ekistics Property Investors 1 LP (the "Ekistics Fund"), a real estate investment fund focused on direct, intermediate capital and senior debt investments throughout the UK and Europe, has completed the acquisition of the London Mowbray Court Hotel for approximately £16 million.
The Hotel comprises 92 rooms and is located in Earls Court, a prime tourist location. Post-acquisition management of the Hotel will be carried out by the operators of the Capilon hotels brand in London, led by Richard Breen and Neil Thackray. The Fund intends to finance the development and refurbishment of the hotel to upgrade it and to increase its capacity.
John Pedersen, Managing Partner and Vilija Vaitkeviciute, Executive Director of Ekistics Property Advisors LLP, advisers to the fund, commented: "we are pleased to have advised the Ekistics Fund on the acquisition of the Mowbray Court Hotel, which is a further example of the Fund's European commercial real estate investment strategy. Speechlys were able to provide us with integrated advice across their corporate, property, tax and construction groups and to advise the fund on the management company's incentive arrangements."
The Speechlys team comprised Andrew Clarke, Charlie Ring and Aziz Abdul from the corporate group, Tom Foley, Robin Grove and Wendy Hall from property, James Worthington from construction, Jessica Shemmings from employment and James Meakin from tax. Lead partner, Andrew Clarke, commented "we are delighted to have assisted the Ekistics Fund with this investment which is their first outright acquisition in the hotel sector in London, and we look forward to working with them on the future development and financing of the hotel."