Gem Hotels buys £70 million central London serviced apartments

George Sell George Sell Uploaded 06 September 2021

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UK: Gem Hotels has acquired Wardrobe Court in central London from British Land in a sales process run exclusively by CBRE.

Wardrobe Court is a freehold collection of interconnecting town houses totalling 92 serviced apartments with its own private car park. The asset, formerly known as the Kings Wardrobe apartments and operated by BridgeStreet, is situated on the edge of the City of London, close to Fleet Street and St Paul’s Cathedral.

The property was sold with vacant possession and, according to CBRE, generated strong interest from European, North American and Asian investors, with a sales price in the region of £70 million.

Jay Matharu, head of acquisitions for Gem Hotels said, “The principal shareholders have 40 years’ experience in acquiring, owning, developing and constructing hotels and serviced apartments in London. We understand the complexity of owning and developing hospitality accommodation within central London and have ambitious plans to continue increasing our presence and portfolio throughout London.”

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