An award-winning hotel in the trendy East End enclave of Shoreditch has been put up for sale with a price tag of £67.5 million.
The Hoxton Hotel has made an indelible mark on the London hotel scene since it was first launched in 2006 by Sinclair Beecham, one of the men behind sandwich chain, Pret A Manger.
The industrial-style aesthetics and design of the hotel, and modernist appeal have combined with an innovative marketing system that has ensured lucrative occupancy levels. The hotel stages periodic offers of five rooms per night for just £1 and five more at £29 for a three month booking period, often resulting in the sale of 1,000 rooms within 10 minutes.
Philip Newborough, who was one of the initial investors in the hotel, alongside Beacham, said the decision had been made to sell to ensure maximum opportunity to build on the value that the hotel currently has.
Dominic Mayes, of the hotel’s agents, Knight Frank, said the business, location and market were all in place to make the hotel an attractive prospect for potential buyers.
"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 explained.
The weak pound, he said, was creating good growth prospects for international buyers of London hotels, especially with the London Olympics looming in 2012 and the economic recovery underway.
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