AMANO Group is expanding its London presence with the acquisition of Waterman House in Covent Garden, transforming the current office building into a boutique 70-room stay
Manex Properties, a joint venture between Berlin-headquartered AMANO and London-based investment firm Excellion Capital, completed this acquisition in late September. Manex is controlled by the Habermann, Süsskind and Rokeach families, and its business is led by Robert Stafler and Ashley Marks.
Located just 50 yards from the highly successful Hotel AMANO Covent Garden. Waterman House, formerly an office building, will be transformed into a new boutique hotel with c.70 guestrooms, complemented by a new ground-floor food retail concept designed to enliven the street frontage.
This redevelopment marks AMANO’s second major investment in London’s West End, thus cementing the group’s commitment to Central London.
Revitalising a landmark property
Arranged over 9 floors and encompassing c. 25,000 square feet, Waterman House has stood vacant for nearly a decade. Once a building of splendour, Waterman House has hence fallen into disrepair.
The planned redevelopment will breathe new life into this remarkable property, restoring its architectural character and transforming it into a stylish and vibrant hotel in the heart of London’s Theatreland.
Strategic expansion in top location
The acquisition significantly expands AMANO Group’s central London footprint and anchors AMANO in the capital’s most vibrant district. At Kingsway Aldwych, Covent Garden meets The Strand and Bloomsbury, so the next Amano Hotel will again be surrounded by theatres, universities and museums.
Synergies & scale
Alongside its existing flagship hotel in Covent Garden, the reimagined Waterman House brings the group’s total London investment to c. £150 million.
With 2 hotels located directly across from one another, AMANO will enable guests to enjoy its expanded collection of rooftop bars, restaurants, event spaces and coffee shops. Sitting side by side also means that the 2 hotels will be operated by a single team, thus achieving streamlined operations, efficiencies and synergies.
Proven Track Record
As an experienced developer, Manex recently delivered a comparable office-to-Amano hotel transformation, on the same street. The Drury House property, acquired in 2018, was also successfully transformed from office, by the same team, to become Hotel AMANO Covent Garden in record time, on budget. In the 3 years since launch, this AMANO Hotel consistently achieved occupancy levels well above 90% with 141 keys.
Philip Rokeach, Director, AMANO Group, told The Wordrobe: “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.”
The vendor, Regal Hotels International Holdings, is a public company listed on Hong Kong Stock Exchange. With close to 7,500 hotel rooms in hotels across Hong Kong, China and Europe, and with more than 40 restaurants & bars, it is one of the largest international hotel companies in Hong Kong. DLA Piper advised the acquiror. Simmons & Simmons advised the vendor.
Opening date TBC. Find out more via amanogroup.com/en
