London, 09 March 2023
Maya Capital LLP (“Maya”) is delighted to announce that following the acquisition of 160 Blackfriars Road in October 2021 in partnership with Veld Capital (“Veld”), Southwark Council’s Planning Committee has approved the revised proposals for a new hotel development.
Once complete, the new 222-bed hotel, which sits in an attractive location close to the vibrant cultural hub of the Southbank, will be operated on a long term, triple net lease basis by leading hotelier Motel One, the Munich-based affordable lifestyle company that operates 89 hotels with over 24,000 thousand rooms across 13 European countries.
Building on the original planning permission granted in 2020, the amended planning will deliver an even more sustainable scheme compared with the original planning. It will target an “Outstanding” BREEAM rating, EPC rating A, with increased affordable workspace area and a wide range of amenities including a bar and lounge area open to the public. Construction is expected to start in Q2 2023 with completion targeted for H2 2025.
David Pralong, Managing Partner of Maya Capital, commented:
“The approval by Southwark’s Planning Committee is an important milestone for our project. We are looking forward to delivering a high-quality sustainable scheme. Maya and Veld will continue to work closely with Southwark Council and local stakeholders to deliver this exciting mixed-use scheme.”