Deutsche Finance and BCP Capital sign agreement to bring The Hoxton to Ireland

Posted in Business, News on 17 October, 2022

Deutsche Finance International (“DFI”), the pan-European private equity real estate investor which manages over €3.3 billion of assets and specialises in customer-centric real estate, and BCP Capital, the London and Dublin focused value-add real estate manager of €1.0 billion in assets, have signed a long-term agreement with Ennismore – the lifestyle hospitality company – to operate the Central Hotel as Ireland’s first Hoxton. The 129-room hotel located in Dublin city centre is scheduled to open in 2024, with the agreement reflecting a strong conviction in the post-pandemic recovery of the Irish tourism industry and leisure market.

• Refurbishment and redevelopment of the Central Hotel in Dublin city centre commenced in Q2 2022
• Irish interior designer Bryan O’Sullivan to deliver the hotel alongside Ennismore and BCP Capital
• The historic façade and fabric of the iconic building is being retained and refurbished
• Opening of the Central Hotel as a Hoxton planned for 2024

The Hoxton is a series of open-house hotels inspired by the diversity and originality of its local neighbourhoods and communities. Operating in some of the most exciting cities around the world, including London (locations in Shoreditch, Holborn and Southwark), Paris, Amsterdam, Barcelona, Rome, Chicago, Williamsburg, Portland and Downtown LA, The Hoxton is celebrated for its thoughtful design, open plan lobbies, and destination dining. Further openings in the pipeline ahead of Dublin include Brussels, a second property in Amsterdam, Edinburgh, Berlin and Vienna.

Acquired by DFI and BCP Capital in 2019, the Central Hotel is located on Exchequer Street, just off Grafton Street, one of Dublin’s prime retail and leisure destinations. Plans are progressing for the careful refurbishment and expansion of the hotel, incorporating neighbouring buildings, which will restore the Central Hotel and its iconic Library Bar as a cultural landmark in the city centre. Award-winning 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 revitalized 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 & Head of Hospitality at DFI, added: “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.” 

Paul Nearchou, Managing Director of DFI, commented: “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.”

Rob Andrews, Chief Operating Officer of The Hoxton at Ennismore, commented: “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.”

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 revitalized 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.”

About Deutsche Finance International (“DFI”)
DFI is a pan-European private equity firm with €3.3 billion of assets under management, which specialises in customer-centric and operational real estate. It pursues differentiated and thematic value-add and select opportunistic strategies in order to deliver consistent and superior risk-adjusted returns through deep-value investing, capitalising on trends and transforming under-managed and under-invested assets and operating companies through active asset management. The firm acts as the investment adviser to its discretionary funds and co-investment partners, and has a global institutional client base that includes sovereign wealth and pension funds, insurance companies, financial institutions and family offices.

DFI is independently managed by its Founding Partners Frank RoccoGrande and Gavin Neilan with a dedicated best-in-class multidisciplinary team operating across offices in London, Munich, Madrid and Luxembourg. It benefits from being part of the DEUTSCHE FINANCE GROUP, a global investment management firm that specialises in private market real estate and infrastructure investments. DEUTSCHE FINANCE GROUP currently has c. €10.5 billion of assets under management and is headquartered in Munich. DEUTSCHE FINANCE GROUP is privately owned and regulated by the Federal Financial Supervisory Authority of Germany, BaFin.

For additional information see www.deutsche-finance-international.com

About BCP Capital
BCP Capital manages real estate investments on behalf of large family office and institutional accounts. It invests in under-valued and under-managed property in supply constrained urban markets and seeks to add value via sustainability focused repositioning. BCP Capital is a fully integrated real estate manager whose principals have an over 30-year track record in real estate investment, and in excess of €1.0 billion in real estate assets under management across London and Dublin. bcpcap.com 

About The Hoxton
The Hoxton is a series of open house hotels, rooted in culture and community, located in key cities across London, Europe and North America. Each hotel is a reflection and extension of its neighbourhood, inspired by the diversity and originality of the streets that surround them. Vibrant, welcoming public spaces and exciting dining concepts mean every Hoxton is as much a destination for the local community as it is for guests.

The Hoxton, Shoreditch opened in 2006, followed by Holborn (2014), Amsterdam (2015), and Paris (2017). Global expansion saw the arrival of The Hoxton, Williamsburg (2018), Portland (2018), Chicago (2019) and Downtown LA (2019), followed by a third London property in Southwark (2019), Rome (2021) and Barcelona (2022).  The Hoxton is part of Ennismore, a creative hospitality company rooted in culture and community, with a global collective of entrepreneurial and founder-built brands with purpose at their heart. thehoxton.com 

About Ennismore
Founded in 2011 by entrepreneur Sharan Pasricha, Ennismore and Accor entered a joint venture in 2021 to create a new autonomous entity, with Accor holding a majority shareholding. Creating the world’s fastest-growing lifestyle hospitality company, it brings together Ennismore’s know-how in building brands with creative storytelling, design, and authentic experiences, with Accor’s wealth of knowledge in delivering scale, network growth and distribution.

Under the leadership of Sharan Pasricha, Founder & Co-CEO, and Gaurav Bhushan, Co-CEO, Ennismore comprises 14 brands – with 100 operating properties and further 144 (signed HMA & LOI) in the pipeline – and a collection of over 150 culturally relevant and diverse restaurants and nightlife destinations.

Ennismore puts innovation at the centre of everything it does, with four dedicated in-house specialist studios, which obsess every guest touchpoint including Carte Blanched – a fully integrated F&B concept platform; a creative studio of interior and graphic designers; a digital product and tech innovation lab, and a partnerships and collaborations unit.

Ennismore has been included in Fast Company’s World’s Most Innovative Companies lists in 2020 and 2021; ranked#29 in FT1000: Europe’s Fastest-Growing Companies; and is part of FT Future 100 – the UK’s fastest-growing businesses that are shaping the future of their sector. The Ennismore brands: 21c Museum Hotel, 25hours Hotels, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From_. ennismore.com