UK: Germany-based boutique hotel brand AMANO has expanded in London with the £20 million acquisition of Waterman House, located close to its original site in Covent Garden.
Manex Properties, a joint venture between Berlin-headquartered AMANO and London-based investment firm Excellion Capital, completed this acquisition on the 29th September. The site was bought from Regal Hotels International Holdings.
Waterman House was formerly an office building and known historically as the London headquarters of Waterman Pens. It will now be transformed into a boutique hotel with 70 rooms and a ground-floor retail concept.
Arranged over nine floors, the hotel joins the existing AMANO flagship in Covent Garden. With the two hotels located within a two minute walk, the properties will be operated by a single team.
Philip Rokeach, director of AMANO Group, said: “Our vision – to bring Berlin’s flair to London – was successfully achieved with Hotel AMANO Covent Garden, our first London hotel. The market’s response – occupancy levels that are consistently well in the 90’s – has been so positive that acquiring Waterman House now feels like a natural next step. This is the right time to expand our presence here and we are delighted to deepen our commitment to London. We look forward to making further investments and to growing our London brand.”
Robert Stafler, director of AMANO UK and Manex Properties, added: “Today’s completion concludes a complex 10-month cross-border M&A process. We’re thrilled to have secured a property we have had our eyes on ever since we bought Drury House. Waterman House has much architectural heritage and we are excited to bring this derelict central London asset back to life – to restore its beauty and transform it into a destination every bit as exceptional as the flagship AMANO Covent Garden.”
Highlights:
• AMANO has expanded its presence in London with the £20 million acquisition of Waterman House near Covent Garden.
• The property was acquired by Manex Properties, a joint venture between AMANO and London-based Excellion Capital, from Regal Hotels International Holdings.
• Formerly the London headquarters of Waterman Pens, Waterman House will be transformed into a 70-room boutique hotel with ground-floor retail space.
• Arranged over nine floors, the new hotel will operate alongside AMANO Covent Garden, with both properties managed by a single team.
