The new owner of London's Hoxton hotel said that he hopes to open two hotels in London before turning his attention to expansion in New York.
Sharan Pasricha, managing partner of the 18-month-old private equity group Ennismore Capital, which paid about £65m for the design-led budget hotel in Shoreditch, said he is looking for opportunities in areas of regeneration in the capital to develop hotels of about 200 rooms each. Conversion of properties with a heritage façade is the favoured form of expansion.
The Indian-born entrepreneur told Caterer and Hotelkeeper that he will replicate the look of the original 205-bedroom Hoxton in all future sites. "We bought the business for what it is, not for what it will become," he said. "The key DNA of the brand will remain intact. We love the bare brick walls, the slightly tatty leather sofas and the Soho House-operated food and beverage concept. This is something we want to continue to invest in and grow elsewhere.
"The Hoxton brand is an exceptionally strong one centred around value and with tremendous loyalty amongst its customers. It competes against Holiday Inn on price and the Ritz on service. We might not offer robes and slipper and service to your room on a silver tray, but we do provide Frette sheets and goose down duvets, as well as a free breakfast of orange juice, a granola pot and a banana delivered to your room. And if you want a cooked breakfast, you can get that too for £9.99 in the Hoxton Grill."
Beyond expansion in London and New York, Pasricha, who has an MBA from the London Business School, said that he would also consider developing hotels in the future in Paris, Amsterdam and Berlin.
Ennismore already has the finance in place to refurbish the bedrooms at the Hoxton in Shoreditch, as well as launch two or three new hotels.
At the time of the purchase of the Hoxton, Pasricha said that he would take on the role of chief executive of Hoxton Hotels on an interim basis. However, now so enthused about growing the Hoxton brand, he looks set to take up the role full time, supported by Stephen Lloyd, former vice-president of operations at InterContinental Hotels Group, as his right-hand man.
By Janet Harmer
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