OakNorth Bank has provided a £52 million investment facility to 4C Hotel Group for its new Westin London City & Residences.
Founded in 2010 and building on the foundations of a family property business that stretches back to the 1980s, 4C Hotel Group manages and develops properties, largely hotels, in business districts and leisure hot spots across the UK, Middle East, Africa and Canada.
Headquartered in London, the business has a portfolio of 13 hotels with a further development pipeline of over 500 rooms over the next two to three years. The group was founded by Bashir Nathoo, an experienced hotel developer and operator, with over 25 years of experience in the industry. Bashir, together with his son and 4C managing director Al-karim Nathoo, continue to drive the strategic direction and global growth of the business.
What They Said
Al-Karim Nathoo, 4C managing director said: “Given our existing portfolio and future pipeline, we have worked with numerous lenders over the years and OakNorth is a new relationship for us. We have very much enjoyed OakNorth’s entrepreneurial approach from speaking directly with their Credit Committee to discuss our proposals, to the speed at which they were able to deliver the financing package as a result of their flat structure and direct access to decision makers within the organisation.”
Hilton Foster, director of debt finance at OakNorth Bank,said: “While it’s difficult to forecast the near-term fortunes of the UK hotel market, domestic leisure demand is expected to lead the recovery in the sector, with markets which traditionally receive a greater share of domestic tourism seeing occupancy recover first. Given its central location close to a number of top tourist attractions, wide range of amenities, and the fact that it’s operated by a highly-regarded team under an international brand, we expect the new hotel to see strong demand from both corporates and tourists.
“Similarly, the residences with their river-facing views and proximity to The City will no doubt attract attention from Square Mile high-flyers and property investors both locally and abroad. Under the leadership of Bashir and Al-karim, 4C has become an exceptionally strong, international business with a proven track record of delivery and an ambitious pipeline for the future.”