Deka Immobilien has acquired the Ruby Zoe hotel in Notting Hill Gate, London, for the equivalent of around €62 million.
Completed and opened in May 2023, the four-star hotel has 173 rooms over seven floors. It is leased long-term to Ruby Hospitality UK Ltd, a subsidiary of the Munich-based Ruby GmbH hotel group. Notting Hill is part of the Royal Borough of Kensington and Chelsea, one of London’s most exclusive areas.
The hotel was developed by Frogmore who acquired the site, originally a retail and residential block, as part of the Notting Hill Gate Estate for its Frep III private equity fund with co-investment partner, Morgan Stanley.
The Ruby Zoe is the second Ruby hotel in London and boasts excellent transport links. The aim is to have the building certified as “Very Good” by BREEAM, the British quality mark for sustainable building.
The property stands out for its colourful interior, inspired by the history of Notting Hill and its Caribbean heritage.
It will be added to the portfolio of the open-ended real estate fund Deka‑ImmobilienMetropolen (DIM).
The purchase of this core property marks DIM’s first transaction of 2024. The fund has built up a tactical liquidity ratio of over 35% via continuous net cash inflows. These resources are now being used to make successive investments with favourable terms in what is currently a buyer’s market.
The target investment markets for DIM are chosen based on the long-term drivers of growth — globalisation, urbanisation, ecology and new working environments. The focus remains firmly on core properties with long-term lease agreements in very good locations.
The image is ©Ruby Hotels.
