OakNorth has completed a £21m loan for the development of a new hotel in central London, its largest deal since launching in September 2015.
The luxury 40-bedroom hotel, L’Oscar, will be situated at 2-6 Southampton Row, Holborn, in a Grade II*-listed former Baptist church headquarters and is expected to open in early 2018.
RM Funds also provided a further £3m for the development of the hotel, which is being designed by Jacques Garcia, who has created hotels in Paris, New York and Singapore.
“We’ve worked on a number of hotel deals since our launch in September 2015 – the development of a 200-bedroom aparthotel in Liverpool, the acquisition of the Ramada Plaza Southport Hotel [and] the merger between Whittlebury Hall and Whittlebury Park, but this is the first we’ve done in the hotel development space,” said Deepesh Thakrar, debt finance director at OakNorth (pictured above) and Ben Barbanel, head of debt finance at OakNorth.
“We look forward to the opening of L’Oscar.”
The hotel will be managed by Michael Voigt, who has over 20 years of experience in the sector.
Stonehouse Finance arranged the debt for the transaction, and director Tony Tadros expressed his delight at working with OakNorth.
“…We found the team to be incredibly swift, efficient and focused on closure within the tight deadline.
“A very refreshing, and impressive property finance proposition, and we look forward to our next transaction with the team.”
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