UK: London boutique property The Hoxton Hotel hotel has been sold to private equity fund Ennismore Capital for more than £65 million.
The sale by its owners, Pret A Manger joint founder Sinclair Beecham and Bridges Ventures, was facilitated by agents Knight Frank. A sale to US operator Morgans Hotel Group and Invesco Real Estate fell through last year.
Bridges Ventures, which has funded the hotel since 2004, will see a return of£13.3 million to its Sustainable Growth Fund I, representing an IRR of 47 per cent.
Anne-Marie Harris, partner for Sustainable Growth Funds at Bridges Ventures, said: “The example of The Hoxton Hotel demonstrates how visionary concepts and decisive financing can transform industries and areas alike. We have played a clear role in promoting the regeneration of Hoxton and Shoreditch, as well as providing tourists, businessmen and other visitors with low-cost, high-quality hotel space in the heart of London.”
Ennismore plans to roll out the Hoxton concept overseas. Its advisory panel includes former president of Orient-Express Hotels Simon Sherwood.
The Hoxton Hotel has been a favorite haunt of London’s celebrity scene, and was named in GQ’s 100 Best Things in The World in December 2006 as well as Conde Nast Traveller’s Hot List of 100 coolest hotels on the planet in 2007.