The 15 Old Bailey building in London is to be converted into a high-end hotel after being acquired by Boscalt Hospitality for an undisclosed sum.
A subsidiary of Edmond de Rothchild Private Equity firm, the hospitality fund has taken over the historic property, built in 1874 by Evans Cronk as the first hotel in its portfolio as it looks to develop a collection across Europe.
15 Old Bailey is to be now transformed into an upper-upscale hotel with 110 bedrooms, a full service restaurant and bar, plus a gym, in an 18-month project.
The Victorian building was known to be as the first hotel in London to have electric lighting and was most recently a serviced office space.
Edmond de Rothchild Private Equity said the acquisition is ‘in line with Boscalt’s strategy of purchasing and upgrading properties with high potential in order to build a strong portfolio of upscale to luxury hotels located in major European cities’.
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 Equity1 added: “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.”
Boscalt’s successor fund had extensive experience investing in hotels in Berlin, Madrid, Eindhoven, Vienna, Brussels, Paris and Milan.
The five properties still in the portfolio today include: Bless Hotel Madrid, Sofitel Le Louise, Brussels, Novotel Paris Belleville, Sheraton Milan and Hotel McGallery, Vienna.