The Portfolio Club has announced the acquisition of a second London property, as it move forwards with plans to launch its new Residents’ Clubs lifestyle hotel brand.

The group has acquired the Wellington block (pictured above) – comprising of six separate properties in the south east corner of Covent Garden – for £76.5 million from property firm Capco, adding to its previous purchase of Harrington Hall in South Kensington.

Plans for the Covent Garden hotel include 146 rooms alongside retail and restaurant space. The Wellington block had previously been earmarked for a boutique hotel by Hollywood actor Robert de Niro and partner BD Hotels, but these plans fell through in 2018.

The Portfolio Club is a joint venture between pension provider APG and leading real estate investment advisory London Central Portfolio (LCP), and was formed last year to develop the all-suite, flexible stay Residents’ Club brand.

The brand will “showcase the best in British design with a focus on sustainability and smart technologies and an emphasis on guest experience”, catering for the aspirational business and leisure traveller. The intention is to launch the brand in central London before rolling it out internationally.

Commenting on the news Naomi Heaton, chief executive of The Portfolio Club, said:

“We are delighted to have secured the Wellington block, a unique combination of architecturally beautiful buildings. Covent Garden, under Capco’s stewardship is an increasingly thriving and sought after location with huge appeal to both the domestic and international market.

“This will be a cornerstone of our new lifestyle brand of Residents’ Clubs to be rolled out in prime central London neighbourhoods and internationally, following the acquisition last year of the Harrington Hall Hotel in South Kensington by the joint venture partnership between LCP and APG.”