Boscalt Hospitality and Edmond de Rothschild Private Equity have announced plans to redevelop 15 Old Bailey into an upper upscale hotel.
The Victorian architecture property was built in 1874, and was formerly home to the first London hotel with electric lighting.
Located close to St Paul’s and City Thameslink stations, and on the same street as The Central Criminal Court of England and Wales (commonly known as the Old Bailey), the building has more recently housed serviced offices.
It has now been purchased by Boscalt with plans for it to be repositioned as a hotel under the name ‘The Old Bailey’.
Boscalt said that it was in “advanced discussions with an internationally renowned hotel operator that is envisioned to manage the hotel”.
The property will feature 110 rooms, a fitness centre, and a full-service restaurant and bar, with works expected to take around 18 months.
Boscalt said the acquisition is in line with its strategy “of purchasing properties with high potential, upgrading them to build a strong portfolio of upscale to luxury hotels located in major European cities”.
The firm added that it was now focused on making new acquisitions within continental Europe.
Commenting on the news Boscalt co-founders, Liza Masías and Jaume Tàpies said:
“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.”