A hospitality real estate fund created by Edmond de Rothschild’s private equity arm and European hotel investor Boscalt has acquired a London hotel as its first asset.
The Boscalt Hospitality Fund has invested an undisclosed amount to buy the 15 Old Bailey asset.
The property, built in 1874, is expected to be repositioned into an upper-upscale hotel featuring 110 rooms.
Edmond de Rothschild Private Equity said the acquisition is in line with the fund’s strategy of buying properties with ”high potential, upgrading them to build a strong portfolio of upscale to luxury hotels located in major European cities”.
The team is now focused on making new acquisitions within continental Europe, it added.
Boscalt co-founders, Liza Masías and Jaume Tàpies said: “The team is currently in advanced discussions with an internationally renowned hotel operator that is envisioned to manage the hotel.
“This is a great time to invest in London, a city where booking rates are promising. The hotel construction pipeline is growing rapidly, which is an optimistic projection for the hospitality industry.”
Johnny El Hachem, CEO of Edmond de Rothschild Private Equity, said: “We are delighted with this first investment in a building with a rich history and personality, located in the heart of London. It is proof of the relevance of the team’s strategy and expertise, particularly in these difficult times”.
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