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David and Simon Reuben have acquired 54 and 55-57 Great Marlborough Street in Soho from private equity firm Quadrum Global for an undisclosed sum, with planning permission for hotel, restaurant and bar space.
This new deal comes after the brothers bought land to the rear of 54-55 Great Marlborough Street as well as 47, 48 and 49-50 Poland Street from the Shiva Hotel Group earlier this year, also with planning permission secured for hotel development.
They now intend to enter into a joint venture with Shiva to develop a large, 200-bedroom luxury hotel across both sites under a new brand. Shiva will also redevelop its hotels in Covent Garden, Marylebone Lane and Buckingham Gate and Holborn hotels with the new brand.
Speaking on behalf of Shiva Hotels, managing director Rishi Sachdev said: “We are delighted to be working with the Reuben family on this joint venture. We are looking forward to adding another truly great central London location to our soon-to-be revealed luxury lifestyle hotel brand.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.