Ennismore has signed the first site for its new budget brand NoCo at the Wood Wharf development in London.
The hotel will reside in the red-bricked 15 Water Street building, designed by Allies and Morrison, as part of Wood Wharf, the development being constructed by Canary Wharf Group. The building is scheduled to complete in Q2 of 2021.
Ennismore has signed a 25-year lease on a 100,000 sq ft across the ground floor and levels four to nine for the 312-bedroom hotel. NoCo is expected to appeal to travellers who want more than a generic hotel experience at a fair price by embracing "technology, great value and stylish design", with rates under £100. The Canary Wharf property is expected to be the first of 25 in key UK cities.
Sharan Pasricha, chief executive of Ennismore, said: "We're incredibly excited to launch our new hotel brand NoCo as part of a new era of the Canary Wharf estate. Wood Wharf provides a location that matches with our mission to create an affordable hotel that will embrace technology, great value, and stylish design, as well as provide an open space to the new tenants of the estate."
The five million sq ft development will also include up to 3,600 residential homes and 380,000 sq ft of retail and leisure amenities.
Founded in 2010, Ennismore acquired the original Hoxton hotel in London's Shoreditch in 2012 for around £65m and has since opened properties in Holborn, Paris and Amsterdam. Further Hoxton hotels are planned for London, Los Angeles, Williamsburg, Portland and Chicago.
The five-red-AA-star, 232-bedroom Gleneagles hotel in Perthshire was bought by Ennismore in July 2015 for around £200m and has since undergone a multimillion-pound refurbishment.
Ennismore is also the owner and operator of Eggbreak, a stand-alone restaurant in Notting Hill, and the Tandoor Chop House restaurant in Covent Garden.
Canary Wharf Group has designed and built more than 16.5 million sq ft of real estate at Canary Wharf and is also developing the Shell Centre on London's South Bank. The group is a wholly owned joint venture between Brookfield Property Partners and the Qatar Investment Authority.