Signet Hotel Group has secured a £3.7m funding package from OakNorth Bank to refurbish the Grade-II listed Mitre Hotel in Hampton Court.
The Group, which acquired the property earlier this year in January, will use the finance facility to renovate the 36-bedroom hotel to a five-star standard ahead of its planned opening in September.
Mitre Court also comprises a 60-cover riverside restaurant, a 70-cover brasserie and bar, and three conference rooms and private dining areas, which will be included as part of the refurbishment project.
Signet Hotel Group is a partnership fronted by Hector Ross, the former COO of Bel & The Dragon, a collection of country inns that OakNorth Bank lent to in 2017.
Hector Ross, co-founder of Signet Hotel Group, said: “The Mitre Hotel has a unique and extensive history, so it is our privilege to be refurbishing the building by breathing new life in creating 36 individually designed new bedrooms in a way that preserves this historical significance.
“Having worked with OakNorth Bank before, I know that they have in-depth knowledge of the UK hotel industry and a speed-of-execution that no other lender can match – especially now.”
Deepesh Thakrar, senior director, debt finance at OakNorth Bank, commented: “Given the ongoing impact of COVID-19 on the economy, it’s vital that UK hoteliers are given the financial support they need to pursue their growth ambitions. Hector has an extensive and successful track-record in the hotel sector which, combined with this high-quality hotel in an excellent location makes it a considerable opportunity for growth.”
The Mitre dates back to 1665, having originally been used as an ancillary accommodation for Hampton Court Palace, before being rebuilt in the mid-18th century.