IS THE Hoxton, the inner London hotel that became internationally famous for offering rooms for £1 a night, soon to end this superb gimmick?
Future ownership is being fought over by multimillionaires and, depending who wins, the world-beating accommodation offers may be discontinued by the high-standard Great Eastern Street venue.
The Hoxton, opened five years ago, includes a Soho House-run restaurant and bar. Last year it turned over more than £5 million, a result that has attracted an offer of almost £70 million from Invesco Real Estate, of Atlanta, Georgia.
The operating partner would be the Morgans Hotel Group, founded by Ian Schrager, the designer-businessman credited – some might say “blamed”–
with having created the boutique-hotel concept. Schrager has since left Morgans and is reported to be looking elsewhere in Hackney.
The deal is, however, floundering: news from the City of London suggests that one of the owners of “the Hox”, Sinclair Beecham, a former NatWest cashier and co-founder of the sandwich chain Pret a Manger, wants to buy out his two fellow-owners.
Those of us who like the idea of four-star rooms for less than the price of a sarnie will be hoping he succeeds.