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 property.
The 129-room hotel located in Dublin city centre is scheduled to open in 2024.
The Hoxton operates in cities across the world, including, London, Paris, Amsterdam, Barcelona, Rome, Chicago, New York, Portland and Los Angeles. Further openings in the pipeline ahead of Dublin include Brussels, a second property in Amsterdam, Edinburgh, Berlin and Vienna.
DFI is a pan-European private equity real estate investor which manages over €3.3 billion of assets. BCP Capital, is a value-add real estate manager with €1 billion in assets focused on the London and Dublin markets.
DFI and BCP Capital bought The Central Hotel in 2019. It is located on Exchequer Street, just off Grafton Street, one of Dublin’s main retail and leisure destinations.
The redevelopment is being financed with a loan from a fund managed by an affiliate of Apollo Global Management.
Ennismore is a joint venture between global hotel company Accor and Sharan Pasricha, the founder of the original Ennismore.
Earlier this year, Accor said it was in talks to sell a 10.8 percent stake in Ennismore to a Qatari consortium for a total amount of €185 million.
What they said
Paul Nearchou, managing director of DFI, said: “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, 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.”