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Contributed by Raini Hamdi |
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A London hoteL thAt wAs set to open in mid-mAy Aims to be A mAgnet for Artists . There ’ s “ a real gap for a genuinely affordable , design-led hotel that encourages and fosters collaboration among guests ,” Green Rooms founder Nick Hartwright says .
The hotel , in north London opposite the Wood Green underground station , charges £ 18 ( US $ 26 ) per person per night to creative folks – defined as anyone from a fineart artist or sculptor to a musician , actor or comedian – as long as they share proof they work in the arts when booking . Business travelers and tourists are welcome but pay £ 10 more , so £ 28 for dorm beds , £ 55 for double rooms and £ 90 for studio apartments .
“ A lot of people who work in the arts
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don ’ t have that much disposable income and can ’ t afford to spend £ 250 a night on a hotel room when they come to London , but they don ’ t want to stay in anodyne , formulaic budget hotels either ,” Hartwright says . “ The sharing economy is obviously another option , and it ’ s a great model , but when you rent a room in someone else ’ s flat , no matter how beautiful it might be , you ’ re immediately isolating yourself .”
Green Rooms is funded by the Mayor ’ s Office , several high net worth individuals and the local council , which owns the four-story , 16,000-square-foot art deco former office building built in 1935 but until now vacant since 2009 .
Hartwright says he kept costs down by obtaining a long lease on the building . The conversion
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budget was £ 500,000 ( US $ 722,810 ) – less than £ 10,000 per room – including building a top-floor bar , a lobby bar , restaurant and exhibition spaces , kitchens and M & E installations . The hotel has 22 double rooms , two studio apartments and two dormitory rooms that each sleep 12 people . Hartwright also tapped friends such as founders of architect SODA and clothing brand Folk .
While not a cash cow , Green Rooms must be self-sustaining in order to grow , he says . The long-term plan is to have more than just one hotel in London and other countries but the focus is now on Wood Green , which is being held up as an example of how local authorities , social enterprises and private investors can deliver game-changing cultural entrepreneurships .
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chugging Along Mike Depatie , managing partner of real estate investment business KHP Capital Partners , on where the current economic cycle is headed .
“ What happens if we don ' t have one of these big demand interruptions ? What if income just keeps chugging along ? Will hotel lenders and developers moderate on their own ? Or will supply continue to grow and actually become the cause of a downturn ? That ' s the question . If there ' s no interruption , I think that the economy – although fragile but without excesses – is going to chug along . What ' s going to happen is that supply , already at a fairly high level , is going to get to a 2 % to 2.5 % level , maybe a 3 % level … The historical connection that we ' ve had for the last couple of years with real GDP growth and demand growth is going to decouple a little bit , and we ' re going to see demand get a lot more sluggish . In time we ' re going to see flat to down RevPARs … I think the cycle might just die of old age ."
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18 hotelsmag . com June 2016 |