Penta Real Estate and Staycity Group have formed a joint venture worth more than £230 million to deliver a 350-room Wilde aparthotel at Morley House in London’s Farringdon district.
Penta will hold 80% of the venture and Staycity the remaining 20%. The scheme near Holborn Viaduct combines hospitality accommodation with commercial space and the refurbishment of the neighbouring Grade II-listed City Temple Church.
Penta’s announcement says planning permission has been secured and demolition of the existing office building is underway. Altius Real Estate will act as development manager, having helped secure consent for the project.
Wilde aparthotel plans
The planned 11-storey building will operate under Staycity’s Wilde brand. Apartment-style rooms will include kitchens, alongside hotel services and a 24-hour reception. Public-facing ground-floor space is intended to include a café, bar and co-working areas.
Penta also identifies around 1,000 square metres of office accommodation within the project. The combination gives the redevelopment several distinct uses, rather than replacing an office block with a standalone bedroom building.
The announcement distributed by Staycity identifies the scheme as its seventh London site. Its location connects the project to both business and leisure demand, with access to Elizabeth line, Thameslink and Underground services.
Completion dates differ
The published announcements do not agree on the completion year. Penta’s 3 November statement cites 2028, while its current Morley House project page and transaction adviser Pinsent Masons cite 2029. An exact opening date should therefore not be treated as settled.
Pinsent Masons says it advised Penta on its investment and the joint venture on financing arrangements. Its involvement corroborates the transaction structure, while the project remains a development rather than an operating hotel.
For the hospitality sector, the venture illustrates how an aparthotel operator and a real-estate investor can divide ownership while combining accommodation, workspace and public-facing food and beverage uses. The key delivery questions now concern the construction programme and how those uses will function together on a constrained central London site.
Source: Penta Real Estate announcement.
The differing timetable is also set out in Pinsent Masons’ transaction announcement.
For further context on current hotel development, see WINC Wire’s coverage of Hilton Canberra Manuka and Raffles Lake Como. Each project has its own announced delivery programme and market positioning.
