London-based boutique investment firm Ennismore Capital has acquired the Hoxton hotel on Great Eastern Street in Shoreditch, London.
A news release from Ennismore said the property was acquired for an “undisclosed sum,” although published reports indicated the Hoxton was sold by its founder Sinclair Beecham and private equity firm Bridges Ventures for more than £65 million (US$100 million).
Ennismore said in the release that the acquisition would have no impact on the day-to-day operations or team structure at the hotel, which has achieved at least 90% occupancy since its 2006 debut with a focus on high quality with no fuss at a low price.
Ennismore Managing Partner Sharan Pasricha will step in as interim CEO of Hoxton Hotels. Ennismore, established in 2010, said it has made this acquisition as the first stage of a strategic growth strategy to build on the Hoxton brand and develop further hotel sites in London, New York and across Europe over the next five years.
“I have watched the Hoxton establish a well-deserved reputation for redefining the budget hotel experience,” Pasricha said. “Its mantra of ‘luxury where it matters and budget where it counts’ is exemplified through its strong customer following and superior financial performance. 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.”