Singapore asset-management firm Sun Venture has acquired the Hyatt Place London City East, according to the broker of the deal, business advisory JLL.
The deal marks Sun’s debut into the hotel industry. JLL's news release on the deal does not disclose a price. The seller is owner Resolution Property, which, according to CoStar records, bought the property in September 2020 for an undisclosed price.
The 280-room hotel is an office conversion and opened in June 2021 under the management of Cycas Hospitality, which is remaining in place.
The Hyatt Place London City East is located on Whitechapel Road in the Aldgate area of London, just west of the City of London and southeast of Covent Garden.
“This marks our first hotel acquisition and aligns with our strategy to expand and diversify our real estate portfolio. As a firm, we see great strength and resilience in the hotel sector in London and other gateway cities and look forward to growing our footprint in the sector,” said Esther Siam, director of real estate at Sun.