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UK: One Investment Management (OneIM), AENDRE Group, and Lifestyle Hospitality Capital (LHC), have completed the acquisition of The Other House portfolio with plans to reposition the three sites under a new luxury wellness brand.
The joint venture has acquired the sites – located in South Kensington, Covent Garden, and Belgravia – from APG, supported by financing from Cheyne Capital.
It follows OneIM’s launch of a £335 million investment strategy to expand its London presence, delivered in partnership with AENDRE and LHC.
Representing a total of 587 keys, each property within the portfolio will operate across three concepts: a luxury extended-stay residence, a social wellness members club, and a culture-led farm shop. The new platform and brand identity will be unveiled ahead of the first opening.
Covent Garden, which will undergo a refurbishment, is scheduled to be the first opening in the rebranded portfolio next year. South Kensington will follow, with Belgravia subsequently opening as a new-build development.
AENDRE and LHC will lead asset and development management and will create a dedicated operating company to oversee the platform going forward.
Eric Jafari, founder of AENDRE Group, said: “London has the depth of demand for luxury extended-stay with very little supply. The platform’s freehold sites, located in three of the strongest sub-markets in the city, give us the foundation to build something genuinely unique. We are privileged to be partnering with OneIM and LHC in this new and exciting journey together.”
Keith Evans, founder of LHC Group, said: “This is a rare opportunity to assemble a Central London freehold portfolio of this scale and quality. The integrated platform approach provides for strong alignment of interest and control, as we oversee all aspects of real estate, brand and management. We are excited to launch a bold new offering to the hospitality landscape.”
Alex Mackenzie, partner at OneIM, said: “This transaction reflects our conviction in the long-term fundamentals underpinning Central London hospitality, particularly within the extended-stay segment where demand continues to outpace supply. The combination of high-quality freehold real estate, well-positioned locations and experienced operating partners provides a solid foundation for the platform’s future growth. We are pleased to be partnering with AENDRE and LHC on the acquisition
Andreas Dimitriou, director, Cheyne Capital’s real estate group, said: “The London hotel market offers compelling investment opportunities, with strong demand fundamentals and occupancy rates exceeding pre-pandemic levels. We look forward to working with experienced partners on the repositioning of these premium assets in prime Central London locations which tap into the underserved extended-stay luxury hospitality market.”
Legal advice to the buyer was provided by Hogan Lovells. APG was advised by Eastdil Secured, with legal counsel from Proskauer Rose.
Highlights:
- One Investment Management, AENDRE Group and Lifestyle Hospitality Capital have acquired the 587-key The Other House portfolio across South Kensington, Covent Garden and Belgravia.
- The Central London hospitality portfolio was acquired from APG with financing support from Cheyne Capital and forms part of OneIM’s £335 million expansion strategy.
- The three properties will be repositioned under a new luxury wellness brand combining extended-stay residences, social wellness members clubs and culture-led farm shops.
- Covent Garden is scheduled to become the first rebranded opening next year following refurbishment, with South Kensington and the Belgravia development to follow.
- AENDRE Group and Lifestyle Hospitality Capital will oversee asset and development management and establish a dedicated operating company for the new hospitality platform.
