Z Hotels secures £23m loan for London office-to-hotel conversion

Z Hotels has secured a loan from OakNorth Bank and ASK Partners to purchase a vacant office block in London and convert it into a hotel.

Located on Charing Cross road, the building – subject to planning - will be converted into a hotel with a minimum of 81 rooms and a maximum of 95.

The new hotel to be Z Hotels’ 15th property.

What they said

Daniel Austin, chief executive of ASK said: “Given Z Hotels’ track record as a successful owner operator of five other hotels within close proximity of this site all with high year-round occupancy levels, ASK was fully supportive of the project and happy to provide a 36-month loan to acquire this building, which I anticipate will be another well-designed and popular hotel for the group.”

Deepesh Thakrar, senior director, debt finance at OakNorth said: “Given London’s hotel market is set to show strong resilience against the current downturn, we fully expect this new hotel to be another success story for Z Hotels.”