The deal was signed last Wednesday (2 July) with previous owner The Unlisted Collection, and though the venue will not close for refurbishment, it will re-launch as a 15-room boutique hotel with a more accessible food and beverage offering by the end of the year.
Honky Tonk Group co-owner Mark Cutler told BigHospitality this transaction fits into the group’s expansion plans, with two or three new openings a year in prime locations.
“This hotel is very unique. We’re going to make it boutique-y and cool but we are taking our time to decide how to do it. We’re talking to a lot of well-known designers, and our focus on the F&B side is quite important. The restaurant previously had Michelin-star food and we want to make it more accessible to the public but with a very strong Bourbon bar. We’re going to make it quirky, fun and hopefully build a brand.”
Honky Tonk with a twist
Cutler hasn’t yet decided what to do exactly with the hotel’s restaurant, but said it could become ‘a Honky Tonk with a twist’: “Whatever goes in there will have to be all-day accessible and fast food, not a sit-down seven-course tasting menu, which it used to be. It needs to represent the area, and there are lots of choices so we have to make ourselves different. It’s essentially a restaurant with rooms and both will complement each other.”
Staff will mostly remain bound to The Unique Collection and some of them have been offered position with the new owners, but no redundancies will be made.
Refurbishment will be mainly ‘cosmetic’, according to Cutler, as the building is in great condition.
“We can do the re-design floor by floor and keep it open. A lot has been spent on the building, which is incredible. The back of house is some of the best I’ve seen in the 20 years I’ve been doing this. Really what we’re talking about is tweaking more than a complete overhaul,” he added.
Easy deal
The deal, ‘one of the easiest [Cutler has] ever signed’ due to the good will expressed by both parties, was concluded only a few months after The Unlisted Collection put the property up for sale. According to property advisors Davis Coffers Lyons, confidentiality was key to its success, due to its central London location.
“Restaurants and hotels are incredibly sensitive to any rumours. I was therefore asked to rely on my network rather than go to the market," said advisor Josh Leon.
Cutler owns the Honky Tonk Group with an anonymous partner, but also works for The Leisure Partnership, an agency representing restaurant group in real estate transactions.