Shiva Hotels has closed a £62m deal with Leumi UK, the London-based subsidiary of Israel’s leading international bank, to finance its new luxury hotel project, Middle Eight.
Situated on Great Queen Street, between Holborn and Covent Garden, the hotel has been branded a ‘sustainable luxury lifestyle hotel’ and will feature 180 bedrooms, 12 suites and multiple food and beverage outlets.
The former Kingsway Hall building was sold to Shiva Hotels in 2014 from Cola Holdings.
London-based design practice Tonik Associates, and architects Ray Hole, are behind the hotel’s new interiors, with general manager Christian Graf appointed to lead the team.
The funding deal cements the bank’s long-standing partnership with Shiva Hotels, with the bank having funded high-end projects including The Guardsman, which is due to open in May.
Rishi Sachdev, managing director, Shiva Hotel, comments: “Leumi UK was a natural fit for us having successfully partnered with them on a number of previous projects. They have a solid understanding of our business and were able to tailor the facility to suit our needs in a quick, efficient manner that will see Middle Eight open its doors to the public this May.”
Louise Gillon, head of hotel finance at Leumi UK, says: “This latest development with the team at Shiva Hotels perfectly represents the type of transaction our Hotel Finance team is looking to fund. Thanks to the boutique nature of the bank, we are able to offer more flexible facilities compared to others in the market, giving us the freedom to support innovative, sustainable projects such as Middle Eight.”