PPHE Hotel Group has secured a £180m funding package to develop the new art’otel London Hoxton.
The international real estate group, which develops, owns and operates hotels and resorts, has entered into a ‘syndicated facility agreement’ with Bank Hapoalim B.M. to fund the new project which will see a new 343-bedroom hotel created.
The whole project is expected to cost approximately £200m.
The 27-storey building will also comprise five floors of office space, a gym, swimming pool, wellness facilities and an art gallery space.
Boris Ivesha, president & chief executive officer, PPHE said: “We are pleased to have secured funding to develop art’otel London Hoxton with Bank Hapoalim B.M. which has been a long standing partner of the Group funding several of our other key properties, including Park Plaza Westminster Bridge London which opened in 2010.
“We believe the project has the potential to deliver attractive risk-adjusted returns for shareholders whilst further expanding our art’otel brand.”