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Thursday 22 July, 2021
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Boscalt Hospitality makes first purchase
Edmond de Rothschild Private Equity’s Boscalt Hospitality Fund has announced its purchase of 15 Old Bailey in London through a joint venture.
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EDITOR'S COMMENT
22/07/21
• It’s always fantastic to meet with industry peers in person. At yesterday's event in partnership with Central London Alliance (CLA), which discussed the future of central London, we were joined by Joe Dromey at Central London Forward; Baroness Claire Fox at Academy of Ideas; Alexander Jan at London Property Alliance, Central District Alliance and Hatton Garden Business Improvement District; and Richard Burge at London Chamber of Commerce.
The discussion, hosted by Tony Matharu at the CLA, sparked varied views on the headwinds the capital faces, as well as the opportunities for growth. Economically, London’s city centre has been disproportionately affected by the pandemic. Redundancies, a decline in international travellers, and a reduction in consumer spending has resulted in a complex problem which, according to the opinions of the those in attendance, has not been helped by “confusing” government policies. The work from home ruling was largely regarded as counter-effective, despite the need for further clarification on employers' liability when asking their staff to return - particularly in light of the current "pingdemic".
There was of course optimism for reviving the city centre, with calls for apprenticeship schemes and other professional development plans for younger people. The audience was encouraged to take risks to get London back on its feet, and it was emphasised that change would occur from collective action.
You can watch a snippet of the discussion here.
• In other news, the purchase of 15 Old Bailey in London by Boscalt Hospitality is a step towards rebuilding the city's hard-hit hospitality landscape. The building, which currently operates as serviced offices, will be converted back to its original purpose as a hotel and repositioned as an upper-upscale property.
It marks the first hotel investment within the portfolio for Boscalt, and is a sign of the group's conviction in a strong recovery for hospitality post-pandemic. To reiterate this point, Boscalt is pursuing other opportunities in major European cities.
Scroll down for more of the week's news.
Eloise Hanson
Editor
+44 (0)7824 636 365
eloise@internationalhospitality.media
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