Ambitious hotel group, Z Hotels, is to open a new 123-bedroom hotel in Trafalgar Square after securing funding from OakNorth.
The group, which operates over 1,000 bedrooms across its 11 sites in London, Liverpool and Glasgow, will convert an office near Trafalgar Square into a new hotel that will open in Q4 of 2019.
The OakNorth loan will be used to acquire office space at 53-59 Chandos Place into a hotel with 123 bedrooms and a café in central London.
Z Hotels grown quickly from its first hotel opening in late 2011 to now have 11 hotels in its portfolio and two developments in the pipeline.
Commenting on the deal, Jonathan Raymond, director at Z Hotels, said: “Over the years, our customer base has continued to grow and we now have hundreds of clients who stay with us several times throughout the year. Business travellers and holiday makers alike are attracted by our competitive prices, sizeable rooms and central locations – this new hotel in Trafalgar Square will be a prime example of all three. We chose OakNorth for this transaction as we knew they’d be able to deliver what we need in the time frame we needed it.”