Specialist lender Leumi UK has agreed to lend £34 million to Juniper Hotels Holdings Limited (JHHL) to finance the acquisition of the leasehold interest and refurbishment of an Edwardian Holiday Inn hotel.
The refurbishment will re-position the hotel as an upscale boutique offering, increasing the number of rooms to 171.
The loan is the latest in a series from Leumi UK, the UK subsidiary of Israel’s largest financial institution, and Westmont Hospitality – a part-owner of JHHL and prolific owner/operator of hotels totaling 56,000 rooms across three continents.
What they said
Soraya Shamji, hotel consultant at Leumi UK said: “The outlook for well-specced assets in central locations is positive as consumer demand and investor interest in hotels rebounds from the pandemic. Our strategy of supporting hotel operators during Covid-19 has proven effective and has allowed us to forge relationships with leading operators, and we’re proud that it is now leading to those same partners creating opportunities like this one.”
Stephan Jaques at Westmont Hospitality, said: “There is immense value given today’s hotel market in pivoting hotels towards a luxury offering. It was important for us to work with a financial partner with detailed knowledge of the hospitality sector, and Leumi UK have certainly delivered on that front.”