Foxtons founder Jon Hunt has announced plans to build a 145-bedroom hotel.
It will be in trendy Shoreditch in east London.
Hunt has secured a resolution to grant planning permission from Hackney Council.
Hunt said that Shoreditch is a “great place to invest in”.
It’s also a place for estate agents – Foxtons has a branch there.
Comments (7)
The hotel market here is immense- we already have an array of hotels with multiple in the pipeline. I’d be interested to know which one Hunt is involved with. Demand is partly tourism and partly the creatives & techies who operate out of multiple countries/cities. Most of the hotels round here have high occupancy rates and you also have the member club market supply need too. Shrewd move by Hunt although following the trend a bit this time rather than setting it.
Is there any money in hotels? Other than building a capital asset I rather got the impression that AirBnB had driven a hole through the hotel industry and at the same time removed a whole swathe of property from the private rented sector and reduced the number of smaller properties, flats and houses being offered for sale.
My outlook on things suggests there is a much greater opportunity for property income with less competition, greater capital appreciation, attractive investment opportunities and reasonable yields in a property sector that has overlooked for far too long.
Jon Hunt already does short lets ina number of buildings so he knows what market is out there for him
I am just surprised at hotels especially in Shoreditch where I would have thought all the trendy young techies and designers would provide a huge opportunity for rented accommodation. Perhaps the hotel could be a massive uni dorm with a massive common room; no chairs just steps, a coffee machine and sockets with USB charge points.
If anyone knows how to make money. It’s Hunt.
And a rooftop avocado farm, Robert. They’d luv that.
Iam surprised anyone would create a portal .. no point now rightmove own this space due to onTheMarket ruining it.