Deutsche Finance International and BCP Capital Sign Agreement with Ennismore to Operate The Central Hotel as Ireland’s First Hoxton
Main Photo: The Hoxton Dublin envisaged
Date: October 2022
Name: The Hoxton Dublin to open 2024
Location: Exchequer Street, Dublin, Ireland
Number of Keys: 129 planned – currently 70
Seller: The Central was owned by the Gerry Conlon-led Bridlewood Family Trust and was originally designed by Richard Millar and William Symens, who were responsible for the architecture in the former House of Parliament on College Green, now owned and occupied by the Bank of Ireland
Buyer: Deutsche Finance International and BCP Capital, bought the hotel in 2019…we think for less than the then asking price of €40m, together with the Trinity Street car park
Deutsche Finance International (DFI) and BCP Capital have signed a long-term agreement with Ennismore to operate the Central Hotel as Ireland’s first Hoxton hotel.
The 129-room hotel, which is located on Exchequer Street, in Dublin’s city centre, is scheduled to open in 2024.
The Hoxton is a series of open-house hotels inspired by the diversity and originality of its local neighbourhoods and communities.
Irish interior designer Bryan O’Sullivan will deliver the hotel alongside Ennismore and BCP Capital. As part of the redevelopment, there will be a significant increase in the existing bar, night venue and restaurant space, including a revitalised Rí-Rá nightclub and the Globe bar. The redevelopment is being financed with a loan from a fund managed by an affiliate of Apollo Global Management.
Francesco Orofino, investment vice-president and head of hospitality at DFI, stated, “We are confident in the long-term fundamentals of the Irish market, and look forward to closely collaborating with Ennismore to bring the Hoxton to Dublin and creating an iconic, cultural and social space for people to enjoy in the heart of the city centre.”
Nick Cullen, chairman of BCP Capital, commented, “Our vision for the Central Hotel project is to create a social and cultural hub that enhances the vibrancy of the city centre. The Hoxton is a renowned lifestyle hotel operator whose open-house-style hotels are inclusive spaces, designed as meeting places for local communities, as well as guests. The hotel will have a strong food and beverage focus, with five different offerings, including a revitalised Rí-Rá nightclub. Award-winning Irish interior designer Bryan O’Sullivan will deliver the hotel alongside Ennismore and BCP Capital, with a strong focus on Irish art and design, and on retaining the character of the hotel and its much-loved Library Bar. We are also pleased to announce that the Globe bar will be retained as part of the redevelopment.”
Rob Andrews, chief operating officer of the Hoxton at Ennismore, said, “Dublin is an exciting, cosmopolitan city, and a celebrated business and tourist destination. We are passionate about making the local culture and charm of the neighbourhood part of the fabric of our hotel. The Central Hotel building fits perfectly within our portfolio, thanks to its unique heritage and character. Ireland is celebrated all over the world for its warm hospitality – a defining quality we also pride ourselves on. We look forward to working with Deutsche Finance International and BCP Capital on this project, and opening our doors to local and international guests alike.”
Paul Nearchou, managing director of DFI, stated, “Operational excellence underpins our asset management approach at DFI, and we are therefore very pleased to be bringing a brand of the Hoxton’s stature to Dublin. To have secured this agreement in the current market is a strong endorsement of this project’s potential by all involved, and, through the redevelopment of the Central Hotel, we want to reinvigorate this historic area of Dublin’s vibrant city centre, in keeping with its heritage. With a portfolio of eclectic boutique hotels and a focus on creating curated spaces reflective of their local surroundings, the Hoxton is the ideal partner to optimise our vision for this project.”
Price: Less than the asking price of €40m in 2019….to which one must add the reconstruct costs
Price Per Key: N/A
THPT Comment: Great news for Ennismore to open a Hoxton in Dublin and good news for DFI and BCP – Well done
First Seen: Hospitality Ireland
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