Ennismore Capital, a London-based boutique investment firm has today announced the acquisition of the award winning The Hoxton hotel based in Shoreditch, London for an undisclosed sum through one of its affiliates. Ennismore has acquired The Hoxton hotel and all related intellectual property rights and operate them under a new company managed by Ennismore effective immediately.
The sale puts to an end months of speculation linking Morgans Hotel Group to a bid for the hotel.The Times reported the purchase price paid by Ennismore to be in the region of £65m.
Founded in 2006 by Sinclair Beecham, Pret a Manger co-founder turned hotelier, the 208-room Hoxton hotel has been at the forefront of London’s independent boutique hotel growth.
The acquisition of the hotel will have no impact on the day to day operations or team structure at the property. Following the sale, Sharan Pasricha, Managing Partner of Ennismore Capital will assume responsibility as interim CEO of Hoxton Hotels.
Ennismore Capital, established in 2010, has made this acquisition as the first stage of a strategic growth strategy to build on The Hoxton hotel brand and develop further hotel sites in London, New York and across Europe over the next five years.
“Since opening its doors to much acclaim in 2006 I have watched The Hoxton establish a well deserved reputation for redefining the budget hotel experience. Its mantra of ‘luxury where it matters and budget where it counts’ is exemplified through its strong customer following and superior financial performance”, commented Sharan Pasricha, Managing Partner, Ennismore Capital. “Budget doesn’t have to be boring and we are committed to extending this model to new locations and geographies, particularly in London and New York where we are actively seeking new sites, as well as across Europe, through further acquisitions and strategic partnerships”.
Ennismore’s advisory board comprises of Simon Sherwood who was the former President & CEO of Orient Express Hotels; Lorenzo Grabou, former partner at Goldman Sachs; Glyn Aeppel former CIO of Andre Balazs Properties and Mark Aldridge, CEO of private equity firm Better Capital.
Located on Great Eastern Street, close to Old Street tube and the City of London, The Hoxton is ideally placed for easy access to East London and many of the Olympics venues this summer. The unique hotel; with its focus on being up-market, low cost, high quality, no fuss, value for money has won legions of fans and was nominated in Tripadvisors Travellers’ Choice Award Top 25 Trendiest Hotel category this year. The Hoxton was named in GQ’s ‘100 Best Things in The World’ in December 2006, and in March 2007, was included in Conde Nast Traveller’s Hot List of the 100 coolest hotels on the planet. It has also won Best UK Hotel Award at the Guardian and Observer Travel Awards in 2009, 2010 and 2011.