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Hoxton hotel put up for sale for £67.5m

24 November 2010 by

The award-winning Hoxton hotel in London's Shoreditch has been put up for sale, with a guide price of £67.5m.

Created in 2006 by Sinclair Beecham, one of the original founders of the Pret A Manger sandwich chain, the hotel has made its mark on the London hotel scene with its chic industrial-style design, buzzy atmosphere and innovative marketing approach.

Periodically, the Hoxton offers five rooms per night at £1 and five at £29 for a three month booking period, which has resulted in the sale of 1,000 rooms within 10 minutes. This has ensured consistently high occupancy levels.

The hotel has seven meeting rooms and the Hoxton Grill, which is operated by the Soho House Group.

Philip Newborough, director of the hotel and chief executive of Bridges Ventures, one of the investors in the hotel alongside Beecham, said the hotel is an established, profitable and enduring brand, which combines a resilient property investment opportunity with a strong operational platform.

"In light of the current strength of the hotel market in London, we believe that now is the time for the right owner to build on the value which has been created," he said.

Dominic Mayes, head of hotels at Knight Frank, which is marketing the property, said the Hoxton is an extremely attractive investment with significant growth potential which is likely to generate a high level of interest in the market.

"The hotel business in London is currently trading strongly and as a consequence the appetite for hotel property in the capital from investors, in particular from overseas, is strong," he said. "International buyers are leveraging off the relative weakness of the pound and see good growth prospects in the hotel sector in London, particularly now that the 2012 Olympics are not far away and some early signs of economic recovery apparent."

Luxury budget hotel planned for Hoxton hotel >>

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By Janet Harmer

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