Z hotels receives £18m funding for new central London property
Z Hotels has secured £18m of funding that will be used to acquire a five-storey office building just off Trafalgar Square in central London.
The building in Chandos Place will be converted into a hotel, retaining an existing penthouse apartment, following the funding agreement with Metro Bank.
Branded as ‘The Urbanite Stay’, Z Hotels has plans to open a further two hotels in central London and Bath later this year. The group was launched in 2011 by a group of former executives from Thistle Hotels headed by Bev King and already has eight hotels in London and additional hotels located in Liverpool, Glasgow and Bath.
King said: “We really appreciate how quickly Metro Bank were able to put terms together for the acquisition. Metro Bank and our relationship manager Jackie Skelt were very supportive in the dealings with us, which allowed the transaction process, from initial offer through to drawdown, to run extremely smoothly and efficiently. We look forward to developing our relationship with Metro Bank as we enter the next stage of growth in our business.”
Mark Stokes, managing director commercial banking at Metro Bank added: “We’re delighted that we could provide Z Hotels with a swift and custom-made funding solution. We look forward to further developing our long-standing relationship with them over the coming years, as they continue to expand their hotel portfolio.”