Ruby Zoe sells for £52.8 million to Deka Immobilien

UK: Real estate management firm Deka Immobilen has acquired the four-star Ruby Zoe Hotel & Bar in London’s Notting Hill for £52.8 million.

The 173-room Ruby Zoe opened in June 2023. It was developed by Frogmore alongside its co-investment partner Morgan Stanley, and forms part of a wider redevelopment scheme.

It will remain under operation by Ruby under a long lease. Commercial real estate firm CBRE advised Deka on the acquisition. 

Ruby Zoe marks the first acquisition in 2024 for the Open Real Estate Audience Fund Deka-ImmobilienMetropolen. According to Deka, the target markets for the fund are chosen via a city selection model that is “oriented towards the long-term growth drivers, globalisation, urbanisation, ecology and new working worlds”.

The Ruby Zoe is the second Ruby hotel in London alongside Ruby Lucy in Waterloo. Ruby Stella in Clerkenwell is set to open this April as the third location in the UK capital.

Across Europe, Ruby Hotels has 18 hotels in operation or in the pipeline. Ruby has recently opened its first hotel in Stuttgart and in the next couple of years, the brand will debut in France and Scotland.

Deka Immobilien is based in Frankfurt and has €55.5 billion of assets under management across all real-estate segments (as of 2023).

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