Deutsche Finance International and BCP Capital sign agreement

Tuesday, October 18, 2022.
Deutsche Finance International and BCP Capital sign agreement with Ennismore to bring The Hoxton to Ireland

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

  • 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

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.

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.

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

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.”

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.”

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.”

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.

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