A national hospitality specialist has secured multi-million pound funding to transform a Grade II listed hotel in the heart of London into a five-star destination.
Signet Hotel Group has secured a £3.7m loan from OakNorth Bank to fully refurbish the Mitre Hotel at Hampton Court.
Situated on the banks of the River Thames, adjacent to Hampton Court Palace, the historic site was originally used as ancillary accommodation for guests of Henry VIII.
With the loan, Signet intends to transform the 36-bedroom hotel from a 3 to a 5-star establishment, featuring a 60-cover riverside restaurant, 70-cover brasserie and bar, 80-cover orangery, an external riverside terrace, conference rooms and private dining areas.
Hector Ross, co-founder of Signet Hotel Group, commented: “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.
“Additionally, our two new restaurant concepts aim to attract local residents, hotel residents and Hampton Court Palace visitors.
“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. It was great to once again have their support and we look forward to continuing to build on the relationship as Signet Hotels grows in the near future.”
Deepesh Thakrar, senior director of debt finance at OakNorth Bank, added: “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.
“By the time the hotel re-opens in six months’ time, COVID-19 will hopefully no longer be impacting the industry, so we have no doubt when that time comes, that it will be a hit with both domestic and international tourists.”