Overall ranking: 68 (new entry)
Hotelier ranking: 14 (new entry)
Sharan Pasricha burst onto the hospitality scene in summer 2012 when Ennismore Capital (since renamed Ennismore), a private equity group that had been launched 18 months earlier, acquired the original Hoxton hotel in London for £65m. Pasricha has gone on to expand the brand of lifestyle hotels with a second in the capital (in Holborn), two overseas (Amsterdam and Paris) and a further six in the pipeline (Southwark and Shepherd's Bush in London; and New York, Chicago, Los Angeles and Portland in the US). Ennismore is also the owner of the five-red-AA-star, 232-bedroom Gleneagles hotel in Auchterarder, Perthshire, and owns and operates three standalone restaurants in London: Eggbreak in Notting Hill, Tandoor Chop House in Covent Garden, and Breddos Tacos in Clerkenwell.
What we think
Pasricha's acquisition of the Hoxton was an inspired investment. The Indian-born entrepreneur recognised the potential of the lifestyle brand, originally created by Pret A Manger founder Sinclair Beecham and loved for its strong DNA, combining value with a cool, creative vibe.
Since 2012 Pasricha has found unique buildings in gentrifying neighbourhoods in which to establish Hoxton venues. For him, the key has been to keep the Hoxton relevant to the local community, and to this end he has established a vibrant lobby culture within the hotels through a carefully organised programmes of cultural events. Each hotel's meetings and events space is located in a unique apartment setting, with a communal pantry kitchen at its centre.
Guests and customers love the authenticity of what has been achieved, with occupancy across the group rarely dropping below 90%. Turnover for Ennismore rose 39% year-on-year during 2016 to £14.6m, while pre-tax profit was up 17% to £7.7m.
Future plans include the launch of the NoCo hotel brand, which will operate at a lower price point than the Hoxton, with rates at under £100 a night. The intention is to open 25 NoCo hotels across UK cities. A 25-year lease has just been signed for the development of the first NoCo - a 312-bedroom property in Canary Wharf - due to open in 2021.
The value of the Gleneagles brand is also to be monetised through the launch of two clubs bearing the hotel's name in iconic buildings in London and Edinburgh.
Pasricha is a bold and creative operator, who through Ennismore has created a unique hospitality business - owner, developer and operator - that has successfully identified the zeitgeist and run with it. He is ambitious to grow the company, not necessarily to build volume, but because he and his team enjoy the creative process along the way. Expect there to be more innovative and exciting brands in the future.
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