Boscalt Hospitality, a Luxembourg-based RAIF-SICAV (Reserved Alternative Investment Fund - société d’investissement à capital variable) created by Edmond de Rothschild Private Equity, has announced a joint-venture partnership with a London-based real estate developer for the first hotel in its portfolio: The Old Bailey, located in London, United Kingdom (UK).
The Victorian architecture building is known to be the very first hotel ever in London to have electric lighting. The property is expected to be repositioned into an upper upscale hotel featuring 110 rooms, a full-service restaurant and bar and a gym with an estimated eighteen months of works remaining.
Built in 1874 by Evans Cronk, 15 Old Bailey had been later converted to a serviced office building featuring meeting rooms and an executive business lounge. Located at the heart of the global financial hub of the City of London, the property is within walking distance of the offices of the mayor global investment banks and law firms, as well as local leisure attractions, including St Paul’s Cathedral and Covent Garden.
This acquisition is in line with Boscalt's strategy of purchasing properties with high potential, upgrading them to build a strong portfolio of upscale to luxury hotels located in major European cities. The team, which combines experience in international luxury hospitality, real estate and finance management, is now focused on making new acquisitions within continental Europe.
Boscalt co-founders, Liza Masías and Jaume Tàpies, commented: “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, 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”.