UK: Edmond de Rothschild Private Equity’s Boscalt Hospitality Fund has announced its purchase of 15 Old Bailey through a joint venture.
15 Old Bailey is located within a historic Victorian-style building in London. It has a long history, dating back to its construction in 1874 by Evans Cronk to eventually becoming the first hotel in London with electric lighting. Over the years, the hotel was transformed into a serviced office building filled with meeting rooms and business lounges.
Boscalt, which purchased the property through a joint venture with a London-based real estate developer, plans to return the facility to its original purpose as a hotel. Plans call for an upper-upscale 110-room property with a gym, restaurant, and bar. Renovations are expected to take about 18 months.
Liza Masías and Jaume Tàpies, co-founders of Boscalt, said: “The team is currently in advanced discussions with an internationally renowned hotel operator that is envisioned to manage the hotel. This is a great time to invest in London, a city where booking rates are promising. The hotel construction pipeline is growing rapidly, which is an optimistic projection for the hospitality industry.”
The property is within walking distance of several offices, including the mayor global investment banks and law firms, as well as attractions such as Covent Garden and St. Paul’s Cathedral.
Johnny El Hachem, CEO of Edmond de Rothschild Private Equity said: “We are delighted with this first investment in a building with a rich history and personality, located in the heart of London. It is proof of the relevance of the team’s strategy and expertise, particularly in these difficult times.”
The purchase of the Bailey, Boscalt Hospitality’s first investment in its portfolio, aligns with the company’s goal to purchase properties with high potential in major European cities. The company plans to renovate and upgrade the properties it purchases to create a luxury portfolio across Europe.
The Boscalt team, which is now focused on making property acquisitions across continental Europe, includes members with experience in a number of fields, including luxury hospitality, real estate, and finance.
More information on Boscalt’s strategy can be found here.
