AMANO has completed the £20 million purchase of Waterman House in Kingsway Aldwych, which will be developed into its second hotel in the area.
The development will transform an office building into a hotel with 70 guest rooms across nine floors, as well as ground floor retail.
The development is located 50 yards from the Hotel AMANO Covent Garden, its flagship hotel in the capital.
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.”
German-based AMANO Group completed the purchase in partnership with London investment firm Excellion Capital. The pair of them are known as Manex Properties.
Manex is owned by the Habermann, Süsskind and Rokeach families, who are all family relations, while the business is led by Robert Stafler and Ashley Marks.
At Kingsway Aldwych, Covent Garden meets The Strand and Bloomsbury, so the next AMANO Hotel will again be surrounded by theatres, universities and museums.
Manex previously delivered a comparable office-to-Amano hotel transformation on the same street. The Drury House property, acquired in 2018, was also transformed from office by the same team to become Hotel AMANO Covent Garden.
In the three years since launch, this AMANO Hotel consistently achieved occupancy levels well above 90% with 141 keys.
The £20m acquisition was financed entirely by equity.
Robert Stafler, director of AMANO UK & 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.”
