The Jade Hotel (pictured above) is looking to redecorate its 30 bedrooms and add five more, in addition to making repairs to its roof and front exterior.
The three-star hotel was converted from a five-storey terraced house in 2011.
“This capital gives us the opportunity to conduct renovations and ensure we can host additional guests once international travel reopens,” commented Khalida Khalid, owner of The Jade Hotel.
“Deepesh [Thakrar, senior director of debt finance at OakNorth Bank] and the rest of the team … clearly know the hotel sector well and were incredibly transparent throughout the entire borrowing process.
- Some of the liquidity in the development market has 'definitely disappeared'
- OakNorth Bank lends £2.3m to Norfolk residential developer
- OakNorth completes loan to buy and develop nursery
“Securing this capital at this time is a clear testament to OakNorth Bank’s willingness to continue supporting the hospitality sector at a time when many of its peers are retrenching from the market.”
Deepesh added that, while there’s never a good time to do renovations, the lockdown provides the Khalid family with an opportunity to increase room capacity without having to disturb hotel guests.
“Similar to one of our earlier hotel deals, these renovations put The Jade Hotel in a good spot to accommodate a larger number of guests, in anticipation of a boom in international travel in the coming months.
“It’s been a pleasure working with a family that shares the same passion and entrepreneurial drive as OakNorth Bank.”
In February, the bank provided a bespoke £27m structured finance facility for a 12-storey aparthotel development in Aldgate, London.