Investors Veld Capital and Maya Capital have secured a £45.7m loan from OakNorth for the development of a 222-bedroom hotel at 160 Blackfriars Road, SE1.
The loan will refinance existing debt on the site, fund the hotel’s development and cover initial operating costs. The hotel will be operated by Munich-based Hotel One. The owners received planning permission for the project last year.
David Pralong, managing partner at Maya Capital, said: “Our partnership with Motel One has enabled their first hotel management contract in Europe, and we look forward to continuing our work with the company.”
Deepesh Thakrar, senior director of debt finance at OakNorth, said: “Both Veld Capital and Maya Capital are well-established private equity firms with a demonstrated track record of developing assets and exiting well. They have found a strong and experienced operator in Motel One and are well-located to attract the tourists they are aiming for.”
Veld Capital and Maya Capital were advised by Knight Frank and Gowlings; OakNorth was advised by Taylor Wessing.
Image courtesy of Maya Capital
Send feedback to Shifali Gorka
Follow Estates Gazette
