Boscalt Hospitality, a real estate private equity firm investing in hotels across European cities, has acquired The Old Bailey hotel in London with plans to transform the property into an “upper-upscale hotel”.
The Victorian architecture building, first built in 1874, is reportedly known to be the “very first hotel ever in London to have electric lighting”.
The property had been later converted to a serviced office building featuring meeting rooms and an executive business lounge.
Located at the centre of the global financial hub of the City of London, the site is within walking distance of the offices of the major global investment banks and law firms.
Additionally, local leisure attractions, including St. Paul’s Cathedral and Covent Garden are also within walking distance.
As part of the refurb, 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 18 months of works remaining”.
Liza Masías and Jaume Tàpies, co-founders of Boscalt, said: “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.”