Real estate group secures multi-million pound funding for new London hotel
A real estate and investment specialist has secured multi-million pound funding for a duo of hotel projects including one in the heart of the capital.
Dominvs Group has secured £68.5m of funding from Coutts for two hospitality schemes, including the development of its new Hampton by Hilton branded hotel in Aldgate.
£48m of the new funding covers the refinance of the original acquisition loan for the site, allowing for the development of the new 118,000 sq ft Hampton by Hilton London City hotel.
Located in the heart of East London by Brick Lane, the new hotel will comprise 278 rooms as well as meeting, dining and events space including a cinema room and large function room, and is set for practical build completion by June 2023.
Preeptal Ahluwalia, director at Dominvs Group, commented: “Dominvs Group is delighted to have successfully secured £68.5 million of fresh bank funding which allows for the development of our new Hampton by Hilton branded hotel in London’s Aldgate and has refinanced our Courtyard by Marriott branded hotel in Oxford.
“The successful funding reflects our good banking relationships and confidence in the group’s development and operational capabilities, alongside rising optimism in the UK hotel industry following the start of the COVID-19 vaccination programme in the UK.
“It is excellent to see confidence in the hotel industry returning and these two hotels are well-placed to benefit from the gradual return of both domestic and overseas visitors to London and Oxford, two of the UK’s most popular tourist and business trip hotspots and destinations of increasing hotel need.”
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