The Chesterfield Palm Beach has new owners, the Reuben brothers
The new owner of The Chesterfield is not just a hotelier, far from it.
Based in London, Reuben Brothers is a private equity and property development and investment company that controls a global portfolio of offices, retail, hotels, residences and other properties, including several holdings in the tony Mayfair area of London.
During the first two years of the COVID-19 pandemic, the company purchased or financed real estate assets in New York and South Florida, according to reports.
It also has investments in racetracks, pubs and restaurants, media and data centers, shipping and other concerns.
Its two founding brothers are among the wealthiest people in the UK and in 2021 they “teamed up with Saudi investors” and a British financier to buy British football club Newcastle United, according to The Times of London.
Boutique hotel sells:The Chesterfield sells for $42 million in Palm Beach, according to the deed
Here are five more things to know about Reuben Brothers:
New owners of Chesterfield Palm Beach: the British Reuben brothers were born in India
1. At the helm are British billionaire brothers David and Simon Reuben, born in Mumbai, India. Both are in their early 80s and have a personal net worth of $6.4 billion each, according to Forbes, which places them 343rd on Forbes’ list of the world’s richest billionaires. The brothers are known to be extremely private and rarely give interviews to the media.
Reuben Scion is friends with Princess Beatrice, Paris Hilton
2. David’s son, Jamie Reuben, is actively involved with Reuben Brothers. Described as a negotiator, he helped lead acquisitions and projects. The 34-year-old is said to be a notable London bachelor whose friends include Princess Beatrice, Paris Hilton and British Prime Minister Boris Johnson.
Florida investments include JW Marriott Turnberry Resort & Spa
3. Although Reuben Brothers is known for its overseas assets, it also owns or has financed several properties in the United States. They include buildings in New York and the JW Marriott Turnberry Resort & Spa in Aventura, in which they have a 25% stake, according to multiple reports.
The Reuben Foundation has given $101 million to Oxford University
4. Reuben College is the newest college of the prestigious British University of Oxford. In June, the philanthropic arm of the Reuben brothers, the Reuben Foundation, whose stated mission is to benefit health care and education, donated £80 million – or $101 million – to Oxford.
London’s iconic Admiralty Arch is owned by Reubens
5. Admiralty Arch – one of London’s iconic landmarks near Buckingham Palace – is owned by Reuben. Reuben Brothers took over a delayed hotel project on the site, which was once a government building originally commissioned in honor of Queen Victoria, in June. Reuben Brothers aims to transform the arch into “its former glory” with a luxury hotel, residents and a private members’ club, the company’s website says.