Amano Group has expanded its London presence with the acquisition of Waterman House, 41 Kingsway, a vacant office block that will be redeveloped into a 70-room boutique hotel.
The deal, for an undisclosed sum, was completed on 29 September by Manex Properties, a joint venture between Berlin-based Amano and London investment firm Excellion Capital.
The property, located around 50 yards from Amano’s existing Covent Garden hotel, has stood empty for nearly a decade. The nine-floor, 25,000 sq ft building will be converted into guest accommodation alongside a ground-floor food retail unit aimed at enhancing the street frontage.
The acquisition marks Amano’s second major investment in the West End, bringing its combined London spend to about £150m. The company said operating two hotels on the same street would enable it to share teams, bars, restaurants and event spaces across both sites.
Philip Rokeach, director at Amano Group, said: “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 has been so positive that acquiring Waterman House now feels like a natural next step.”
Robert Stafler, director of Amano UK and Manex Properties, added: “Waterman House has much architectural heritage and we are excited to bring this derelict central London asset back to life – to restore its beauty and transform it into a destination every bit as exceptional as the flagship Amano Covent Garden.”
The previous owner, Regal Hotels International Holdings, is listed on the Hong Kong Stock Exchange and operates more than 7,000 rooms across Hong Kong, China and Europe. DLA Piper advised Amano on the deal, while Simmons and Simmons acted for Regal.
