UK: Indian telecoms tycoon Sunil Mittal is planning to invest more than $1 billion into Ennismore, the owner of the Hoxton brand and Gleneagles, according to reports.
London-based Ennismore was founded by Mittal’s son-in-law Sharan Pasricha.
According to a report in Bloomberg, the investment would come from Bharti Global, a unit of Mittal’s Bharti Group that handles the founding family’s wealth, and would fund acquisitions by Ennismore, which is expanding in the US and Europe.
The cash would be used to acquire and convert properties in urban areas into hotels aimed at appealing to younger travellers. Hoxton, currently operates two hotels in the London neighbourhoods of Shoreditch and Holborn and one each in Amsterdam and Paris. The brand has 667 rooms across these three cities.
Hoxton is developing hotels in Williamsburg, Los Angeles and Portland. By 2020, it expects to add locations in Chicago, San Francisco and in London’s Southwark and Shepherd’s Bush.
Ennismore also acquired the 232-room Gleneagles resort in Scotland in 2015 and recently announced the first site for its NoCo budget hotel brand.