4C Hotel Group has signed a £65m financing deal to bring the first Canopy by Hilton hotel to life in London next year.
Multi-specialist bank Leumi UK, the London-based subsidiary of Israel’s leading bank, has provided the financial support for the new development with a four-year term loan.
The new 342-bedroom hotel is scheduled to open its doors by March 2021.
Canopy London City was originally set to launch in 2018 and is part of the £76m Minories development in Aldgate, which will also include an office building, pub and residential block.
Alongside its bedrooms, the hotel will also comprise a rooftop restaurant and café.
Al-karim Nathoo, managing director, 4C Hotel Group, comments: “Working alongside our team, Leumi UK has yet again delivered outstanding service, enabling us to meet our capital needs while continuing to grow our portfolio.”
Louise Gillon, head of hotel finance at Leumi UK, says: “This deal has fortified our long-standing relationship with 4C Hotel Group. Working with the team previously, we have always been very impressed by the quality of their developments and this one has been no different.”
4C Hotel Group owns eight hotels in and around London including the Westin London City.
Canopy London City will be the brand’s 14th hotel, joining properties in the US, Iceland, Croatia and China.