Ruby Hotels to open second London location

German hotel group Ruby Hotels has agreed a deal for its second location in London. It has signed a 30-year lease to operate the 154-bedroom hotel being delivered by Geneva Management Group’s Real Estate arm, GMG Real Estate, in Clerkenwell. Located 600 metres from Farringdon station the hotel, which received planning approval in July, is expected to open in Q1 2021. The scheme also includes 20,000 sq ft of refurbished offices with a three-storey extension, and nine affordable flats. Established in 2013, Ruby Hotels already has six outposts, with 12 more under construction or being prepped for construction. Its other location in London will be in Lower Marsh, close to Waterloo station. It has also recently started offering its own flexible office service, known as Ruby Works, in Munich and Hamburg. It is owned by private equity fund The Austrian Soravia Group, entrepreneur Michael Hehn, a German family office, and Michael Struck, which hold the company shares together. “London is a vibrant, cosmopolitan city, and has been throughout its history. As a developer, banking on it continuing to be so in the future simply makes sense. Our real estate investments are carefully chosen with a view to deliver solid returns for our investors, and we are confident that this hotel development will realise significant value for our clients,” said Kyri Hadjisoteris, executive at GMG Real Estate.  “The Clerkenwell development is just one of several we have planned for the capital in the very near future, and in Ruby Hotels we have an equally ambitious partner for this particular project.  “We believe that what Ruby is doing with the hotel component of the London development is very much in sync with what we’re doing in the mixed-use space. What happens here could set a benchmark for these kinds of developments in the future.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette