PARK Plaza subsidiary Apex has entered into a joint venture with the Reubens’ property vehicle Aldersgate Investments to develop a four-star boutique London hotel dedicated to a modern-day artist
The 50-50 joint venture, Aspirations, owns the site in Hoxton, east London, which will reopen under the brand ‘art`otel’.
Apex is paying £3m for the 50 per cent stake in Aspirations – which had an unaudited value £6m at the end of January.
Park Plaza has entered into an agreement to manage the hotel for an initial 20-year term, while Park Plaza is in discussions to confirm the particular artist to be associated with the hotel.
Park Plaza, which operates hotels in Europe and the Middle east, is in talks to identify the artist to be associated with the hotel.
The artist will have input into the design of the hotel`s interior and their work will be prominently displayed throughout the hotel.
The proposed hotel - for which a planning application will be submitted later this year - will include an art gallery, two auditoriums and a photography studio.
A planning application will be submitted later this year.