15 Old Bailey to reopen next year under Accor's Hyde hotel brand
The £34.3m relaunch of London's 15 Old Bailey next year will see it renamed the Hyde Paradox Hotel London City.
The 110-room property is expected to reopen in 2023 under the Hyde Hotels, Resorts & Residences brand, part of Ennismore, a joint venture with Accor. The hotel will have a Japanese-influenced speakeasy-style bar, Levantine restaurant, and a gym.
The hotel will be the sixth in the Hyde brand, which is part of Accor's SBE division and has properties in the US and Dubai. The lifestyle brand is described as "intuitively dialed into the desires of the in-the-know; their interests, aspirations and tastes" and "grounded in the spirit of discovery, the fantasy of nightlife and the adventure of connection".
15 Old Bailey is being developed as part of joint venture between Boscalt Hospitality, a subsidiary of Edmond de Rothschild group's private equity arm, and a property business founded by entrepreneur Alex Shamash. The property was built in 1874 by architect Evans Cronk and converted to office use in the early 1900s.
The hotel was one of 13 Accor properties signed by the end of last year, adding more than 500 rooms to the group's London portfolio. The group signed 25 hotels in December in Northern Europe, bringing its annual total to 89 properties across the region and a total of more than 1,100 hotels across a portfolio of more than 20 brands.
Duncan O'Rourke, chief executive of Accor Northern Europe, said: "The pace of development has accelerated throughout 2021 reflecting both our and our partner's confidence in the market's return. The geographical growth of our region and brand portfolio in recent years has prepared the business for expansion at pace as the world moves firmly towards recovery.
"Our ambition and pipeline for 2022 and beyond remains strong, as do our brands and hotel talents. The Covid years have been a split focus – managing the impact of the crisis today and planning for the recovery tomorrow. Tomorrow is here and our recovery is strong, as is our future."
Camil Yazbeck, senior vice-president development, Accor Northern Europe, added: "2021 was a phenomenal year for signings culminating in a strong year-end across the region. Accor has maintained its stronghold on the region with a 39% branded hotel market share in signings. In 2020 development was resilient, in 2021 our signings returned to pre-pandemic levels. Development is future-looking and our strong pipeline reflects our and our partners' strong belief in market recovery."
Accor's merger with Ennismore completed in October 2021. Accor is understood to have spent more than £221m to buy out its partners in SBE Entertainment Group, Mama Shelter and 25hours towards creating the company.
