Topland Group has extended its funding support for Exeter Hospitality’s newly opened IHG Hotel Indigo in Exeter, which the owner has converted from a former House of Fraser department store.
Topland’s structured finance division has provided a £20m development facility with a stabilisation period for Exeter Hospitality.
The new 104-bedroom hotel, refurbished in 1930s modernist style, opened in full at the start of the year and includes a new rooftop bar overlooking Exeter Cathedral, as well as a spa, sports bar and Colson’s Bar & Grill.
Topland said the financing further grows its investment in the hospitality sector, with the group also committing more than £55m to develop and refurbish two hotels on Brighton’s seafront to be operated by Hilton and Dalata Hotel Group.
The investment group is additionally supporting the conversion of London’s Northern & Shell Tower into a 209-unit residential scheme via a £21m facility, as well as a 159-apartment scheme near Birmingham’s Paradise Circus.
Tom Betts, structured finance director at Topland, said: “Hospitality remains a priority sector for us as consumer and business demand continues to strengthen and pass pre-Covid levels. As well as developing our own sites, our loan book is geared towards supporting ambitious projects – particularly those that provide a new purpose for quality assets in prime locations. The new Hotel Indigo is a great example of this commitment, and we look forward to helping others bring forward similar regeneration projects in the coming months.”
Joe Priday, director of Exeter Hospitality, said: “The launch of Hotel Indigo has provided a new lease of life to the former House of Fraser store, putting it back into public use and creating new ways for the public to enjoy Exeter and its historic features. We have a long-standing relationship with Topland, which has once again provided the structured and flexible support needed to ensure this conversion progressed at pace.”
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