Starwood Capital Group bought the property out of an administration led by Ireland’s National Asset Management Agency in June 2012. It then went on to expand and refurbish it converting it to an Ace Hotel and reopening in September 2013.
The 258-bedroom property was subsequently honoured for "Best Renovation" at the 2014 European Hotel Design Awards. It features an events space on the 7th floor with city views and an outdoor terrace. There is also a lobby bar, coffee shop, on-site nightclub, the Hoi Polloi restaurant and three retail units.
Ace Hotel Group will continue to manage the hotel on behalf of the new ownership.
Nick Chadwick, vice president of Starwood Capital Group, said: "We are thrilled that our ambitious vision for this hotel has come to fruition, and that we have been able to considerably enhance the value of this asset by positioning it to take advantage of the tremendous growth prospects of the Shoreditch market.
"Ace Hotel has proven to be the perfect brand for this property, and our successful partnership on Ace’s first project outside the US underscores Starwood Capital’s commitment to working with innovative hotel management companies of all sizes to the ultimate benefit of our investors."
More hotel news:Manchester's Lowry Hotel to undergo £4m renovation
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