The award-winning Hoxton hotel, which has made its mark in London's Shoreditch with its chic industrial style, competitive prices and innovative marketing approach, is to form the blueprint for an international group of hotels following its sale to boutique investment firm Ennismore Capital.
Sharan Pasricha, managing partner of Ennismore Capital, will assume responsibility as interim chief executive of Hoxton Hotels, although the new ownership is not expected to impact the day-to-day running of the 208-bedroom hotel. Stephen Lloyd, former vice-president of operations at InterContinental Hotels Group, was recently appointed general manager of the hotel, following the departure of David Taylor to become general manager of Marriott's Edition hotel.
The purchase of the Hoxton for an undisclosed amount, off a guide price of £67.5m, will mark a launch pad for Ennismore Capital - established in 2010 - to develop the Hoxton brand by opening further hotels in London, New York and Europe over the next five years.
Pasricha said that he had observed the Hoxton establish a reputation for redefining the budget hotel experience, since launching to much acclaim in 2006. "Its mantra of 'luxury where it matters and budget where it counts' is exemplified through its strong customer following and superior financial performance," he said.
"Budget doesn't have to be boring and we are committed to extending this model to new locations and geographies, through further acquisitions and strategic partnerships."
Pasricha is to be supported in his development plans by an advisory board which comprises Simon Sherwood, who was the former president and chief executive of Orient-Express Hotels, and Glyn Aeppel, former chief information officer of Andre Balazs Properties.
The Hoxton was originally created by Sinclair Beecham, one of the original founders of the Pret A Manger sandwich chain, after he became frustrated with what he deemed to be "rip-off prices" charged at other hotels. However, his plans to establish a group of Hoxton hotels across the UK, despite announcing openings in Edinburgh, Glasgow, Leeds, Birmingham and Bristol, were thwarted by the recession.
The Hoxton has been a hit with both guests and critics, consistently achieving occupancy rates of at least 90%, and scooping a plethora of awards, including being named the Best UK Hotel at the Guardian and Observer Travel Awards for three consecutive years since 2009.
By Janet Harmer
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