Swiss real estate firm secures second London leisure development set to open in 2021

GMG Real Estate has partnered with Ruby Hotels to secure the group’s second London development.

Situated close to Farringdon station, the new build has 154 rooms and has been designed to complement the historic facades of the surrounding buildings.

The development is located on Eyre Street Hill, an historic lane in Clerkenwell, known for its traditional pubs and bars.

The hotel, which is expected to open in Q1 2021, will be situated at a mixed-use development, including office space and nine ‘affordable’ housing apartments.

Kyri Hadjisoteris, executive of GMG Real Estate, said: “London is a vibrant, cosmopolitan city, and has been throughout its history. As a developer, banking on it continuing to be so in the future simply makes sense.

“Our real estate investments are carefully chosen with a view to deliver solid returns for our investors, and we are confident that this hotel development will realise significant value for our clients.

“At GMG, we co-invest with our clients, further underlining how deeply we believe in our carefully selected projects.”

Ruby’s focus on good locations, high-quality fittings and design, is said to be in line with GMG Real Estate’s ethos of providing its clients with good value services.

Ruby Group’s CEO and founder, Michael Struck, added: “Thanks to proprietary technical innovations, we plan, build and organise ourselves differently from conventional hotels. To be precise, we plan and build in a very modular way and centralise as well as automate processes behind the scenes wherever possible.

“This helps us create a luxurious and unique hotel experience at an affordable price.”

GMG Real Estate has a record of investment and value creation in urban mixed-use real estate in the UK, Switzerland, Germany and Portugal, which the Clerkenwell development aims to validate.