NEW YORk—Michael Achenbaum, the man behind New York-based Gansevoort Hotel Group, has partnered with Douglaston Development, SUSD, and Hondo Enterprises to develop a full-service urban resort in East London’s Shoreditch district, set to break ground early next year. The $98 million project will feature 120 guestrooms with seven luxury suites, a restaurant, bi-level bar, rooftop swimming pool and lounge, 24-hour fitness center, over 6,000 square feet of meeting and event space, and a tech incubator.
Architects Dexter Moren Associates and interior design group Design DMU will merge Achenbaum’s standard for style and service with the urban vibe of the up-and-coming Tech City area in Shoreditch, paying homage to the district with designs inspired by the local street art scene. Furthering his reputation as a catalyst for development in emerging neighborhoods, Achenbaum and his partners, with the support of London & Partners and UKTI, selected Tech City in Shoreditch for its growth, leadership, and extraordinary cultural diversity.
“I’m always seeking to expand my portfolio in emerging neighborhoods that have a vibrant social life where businesses can grow and flourish,” said Michael Achenbaum. “Shoreditch aligns brilliantly with our vision for this project and we’re thrilled to break ground during such an exciting time for the neighborhood.”
Gordon Innes, Chief Executive of London & Partners, the Mayor’s official promotional organization for London added, “Achenbaum has chosen the perfect London location for this project. The hotel opening in the digital hub of Europe will provide further options for London’s increasing visitor market and will make a great addition to the capital’s existing offerings.”
Royal Bank of Scotland provided debt financing for the development. The project is expected to create at least 150 jobs and is scheduled to break ground in the spring of 2014 with an opening slated for the following year.