Thai Square Hotels, part of Rossmoregate Group, has locked in a £5.5m deal with OakNorth to fund its expansion across London.
The group, known for its 15-strong chain of restaurants, Thai Square, will use the capital to refinance an existing loan on a four-star hotel within its portfolio, Hotel Indigo London – Tower Hill.
The 49-bedroom, four-star hotel has been managed by InterContinental Hotels Group since 2013.
The support will also help fuel Thai Square Hotels’ future growth plans as it seeks planning permission to open additional hotels in London.
Haim Danous, director of Thai Square Hotels, said: “With the UK easing out of lockdown and hotels allowed to re-open this month, we’re hoping to return to pre-COVID occupancy levels later this year. While international and business travel will likely remain muted for some time, we expect to see strong demand from domestic travellers who will be attracted by the hotel’s central location and sizeable rooms. In the meantime, we’re seeking planning permission to expand our hotel portfolio in London, so there will no doubt be further opportunities to work with the OakNorth Bank team.”
Deepesh Thakrar, senior debt finance director at OakNorth Bank, commented: “The hospitality sector has been one of the hardest-hit by the pandemic, but it’s important not to paint every business within a sector with the same brush. This is a hotel with a very strong occupancy track record, excellent consumer ratings, a prime central London location, and that is managed by one of the largest and most successful operator groups.”