Venture begins with the acquisition of the Harrington Hall Hotel in South Kensington, London
APG and LCP announce the launch of a joint venture with the acquisition of the Harrington Hall Hotel in South Kensington which is to be the cornerstone asset for a new brand of all-suite lifestyle hotels.
It was announced that APG has partnered with London Central Portfolio (LCP), leading real estate investment advisory in Prime Central London, to acquire the Harrington Hall Hotel in South Kensington. This will be the first in a programme of acquisitions to provide an all-suite, lifestyle hotel brand in the very centre of London catering for the budget-conscious business and leisure traveller.
Robert-Jan Foortse, Head of European Property Investments at APG commented:
“APG is delighted to be able to further broaden its hospitality investment programme. The Harrington Hall Hotel in South Kensington will act as a cornerstone for a new lifestyle brand of all-suite hotels which will be located in key micro-markets across Prime Central London. This acquisition represents an attractive opportunity to gain access to a high-quality property and add value through refurbishment, innovation and repositioning to meet the needs and aspirations of today’s travellers. With our partner, LCP, we intend to create a new type of accommodation for the Prime Central London market which is cutting edge in terms of place-making, whilst also promoting the highest standards in environmental and social responsibility. It is a vision that we share with our operating partner who will be leading the project on our joint behalf.”
Naomi Heaton, Founder and CEO of London Central Portfolio (LCP) commented:
“LCP is very excited to be partnering with APG on what will be a new and exciting initiative in the Prime Central London hospitality market. Specialists in the ‘heads on beds’ sector in Prime Central London for the last 30 years, LCP has always been at the cutting edge in recognising and meeting the changing needs of the global traveller. With APG, we will build an affordable and innovative all-suite hotel brand across central London with a real emphasis on the guest experience. It will showcase the best in British design with a focus on sustainability and green technologies and there can be no better long-term capital partner for this strategy than APG. “LCP is delighted to have secured the Harrington Hall Hotel in South Kensington as the first acquisition in the new venture, which is planned to open in Spring 2022. LCP will be responsible for its design, development and operation and the intention is to follow this up shortly with further acquisitions across central London’s prime neighbourhoods.”
APG is the largest pension delivery organisation in the Netherlands; its approximately 3,000 employees provide executive consultancy, asset management, pension administration, pension communication and employer services. APG performs these services on behalf of (pension) funds and employers in the sectors of education, government, construction, cleaning and window cleaning, housing associations, energy and utility companies, sheltered employment organizations, and medical specialists. APG manages approximately €529 billion (August 2019) / US$587 billion in pension assets for the pension funds in these sectors. APG works for approximately 21,000 employers, providing the pension for one in five families in the Netherlands (about 4.6 million participants). APG has offices in Amsterdam, Heerlen, Brussels, New York and Hong Kong. APG is an active investor in the hotel sector. It has invested in the citizenM hotels since inception 11 years ago and has recently increased its investment in a number of leading European hotels through Archer Hotel Capital. APG also has an investment in a Dutch-based company called The Student Hotel, holds private investments in hotels and hotel chains in Brazil and India, as well as investments in various publicly-listed hotel companies around the world. Currently, APG’s hotel investments amount to over €2 billion.