Ganesvoort founder makes first deal in Europe

Michael Achenbaum of New York-based Gansevoort Hotel Group is partnering with Douglaston Development, SUSD and Hondo Enterprises to develop an urban resort at 45 Curtain Road in East London’s fashionable Shoreditch district. The US$98 million, 120-room hotel is set to break ground early next year and open in 2015.

The project, with debt financing provided by the Royal Bank of Scotland, will feature seven luxury suites, a restaurant, bi-level bar, rooftop swimming pool and lounge, 24-hour fitness center, over 6,000 square feet of meeting and event space, and a tech incubator.

Architects Dexter Moren Associates and interior design group Design DMU will pay homage to the district with designs inspired by the local street art scene.

“I’m always seeking to expand my portfolio in emerging neighborhoods that have a vibrant social life where businesses can grow and flourish,” said Achenbaum. “Shoreditch aligns brilliantly with our vision for this project and we’re thrilled to break ground during such an exciting time for the neighborhood.”