Billionaire Sunil Mittal, chairman of Bharti Airtel, is likely to put in over USD 1 billion in son-in-law Sharan Pasricha’s Ennismore hospitality properties in London, according to a report by Bloomberg.
Mittal, who heads India’s biggest mobile-phone operator, will be drawing the proceeds from a unit of Mittal’s Bharti Group that handles the founding family’s wealth. The investment will fund acquisitions by Pasricha’s Ennismore, a developer that owns the Gleneagles resort and Hoxton hotel chain expanding in the US and Europe.
The influx will be aiding Pasricha in setting up new hotels in urban areas in US. and European cities. Hoxton is known for its casual atmosphere and affordable rates. The chain currently operates two hotels in the London neighbourhoods of Shoreditch and Holborn and one each in Amsterdam and Paris.
Pasricha, before venturing into the hotel business ran a media startup, followed by a leather-goods factory and private equity. The billionaire son-in-law acquired the first Hoxton in Shoreditch, an east London neighbourhood known for street art. The second in Holborn in 2014 was followed by Amsterdam in 2015 and Paris in 2017.
According to the official website, Hoxton is developing hotels in New York City’s neighborhood of Williamsburg, Los Angeles and Portland, Oregon, with plans to start opening some of them this year. By 2020, the firm expects to add locations in Chicago, San Francisco and in London’s Southwark and Shepherd’s Bush.
Ennismore also acquired the 232-room Gleneagles resort in Scotland in 2015 and is planning a new chain called NoCo — a budget hotel format it is positioning as “less boring” — to open its first location in 2019.
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