Ennismore Capital checks in at Hoxton Hotel
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Bridges Ventures has exited its investment in Hoxton Hotel in a deal with London-based firm Ennismore Capital.
Investment firm Bridges Ventures first supported the East London hotel back in 2004 when it was a start-up concept. Since then it has grown the business and will gain a return of £13.3 million to its Sustainable Growth Fund I.
The figure represents an IRR of 47 per cent and a return of 8.8x its total investment. A further £1.9 million is returning to its Sustainable Growth Fund II, an IRR of 35 per cent and 3.4x total investment.
The Hoxton Hotel was named in GQ's '100 Best Things in The World' in December 2006 and was included in Conde Nast Traveller's Hot List of 100 coolest hotels on the planet in 2007.
Anne-Marie Harris, partner for Sustainable Growth Funds at Bridges Ventures, comments, 'The example of The Hoxton Hotel demonstrates how visionary concepts and decisive financing can transform industries and areas alike.
'We have played a clear role in promoting the regeneration of Hoxton and Shoreditch, as well as providing tourists, businessmen and other visitors with low-cost, high-quality hotel space in the heart of London.'
Bridges Ventures' Sustainable Growth Funds 'aim to deliver both positive financial returns and social and environmental benefits'. It also looks to invest in underserved areas.
Since 2002, the Bridges Sustainable Funds have made equity investments totaling £75 million in 35 businesses.