Cushman & Wakefield appointed to complete a valuation of the proposed Standard Hotel Kings Cross
The Cushman & Wakefield Hospitality Valuation team was appointed to undertake a loan security valuation of the proposed new Standard Hotel Kings Cross. The property currently comprises a vacant office building which was the former Camden Town Hall annex. The development proposal is to create a 270 bedroom hotel with bar, restaurants and ancillary facilities. The redevelopment of the building will incorporate the addition of a further two storeys above the existing roofline.
Standard Hotels are a group of five boutique hotels in Los Angeles (Hollywood and Downtown LA), New York City (Meatpacking District and East Village) and Miami Beach. The hotels are operated by Standard International Management. The Kings Cross hotel will be the first Standard Hotel to be operated outside of the USA.
Step 1 - the team inspected the existing property and conducted a guest inspection of the competitive supply located in close proximity.
Step 2 - the team performed a comprehensive assessment of all relevant documentation including the redevelopment cost overview, the operating structure, the Standard projections and the existing competitive supply.
Step 3 – the team used the collected information to estimate a gross development value, the realisation costs and the residual amount.
Cushman & Wakefield's Hospitality team estimated the value of the first Standard Hotel outside of the USA and completed the full valuation report in a timely and efficient manner.