Deka Immobilien has completed the acquisition of the Ruby Zoe hotel in London’s Notting Hill for approximately €62m ($66.77m).
The property will enhance the portfolio of the open-ended real estate fund Deka-ImmobilienMetropolen (DIM).
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Developed by Frogmore, the site was initially a retail and residential block within the Notting Hill Gate Estate.
Frogmore purchased the estate for its Frep III private equity fund, in partnership with co-investor Morgan Stanley.
Opened in May 2023, the four-star Ruby Zoe hotel features 173 rooms across seven floors and includes six parking spaces.
It is under a long-term lease to Ruby Hospitality UK, a subsidiary of the Munich-based Ruby hotel group.
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By GlobalDataSituated in the affluent Notting Hill, north-west of Hyde Park, the hotel is in the Royal Borough of Kensington and Chelsea, one of London’s most prestigious areas.
The Ruby Zoe, which is the second Ruby hotel in London, is noted for its excellent transport connections.
The building is aiming for a “Very Good” certification from BREEAM, the British assessment for sustainable buildings.
This acquisition marks the first transaction of 2024 for DIM, which has maintained a tactical liquidity ratio of more than 35% due to continuous net cash inflows.
DIM selects its target investment markets through a city selection model that focuses on long-term growth drivers such as globalisation, urbanisation, ecology, and new working environments.
The fund prioritises core properties with long-term lease agreements in prime locations.
In October 2023, Deka Immobilien acquired the Premier Inn Hotel in Dublin for the Deka-ImmobilienMetropolen fund, marking its first foray into the hotel sector and diversifying its assets.
The Dublin property was sold by Carey Issuer DAC, a company under Bain Capital.
