New 40-room luxury hotel coming to Holborn following £21m financing deal
Holborn is to get a new Jacques Garcia-designed luxury hotel after an eight-figure financing deal was agreed with the architect for his 40-room L’Oscar development.
The deal sees OakNorth stumping up £21m for the development alongside a further £3m from RM Funds, with the new hotel set to open its doors in early 2018.
Housed within the Grade II listed former Baptist Church headquarters at 2-6 Southampton Row, the new central London venue has been designed by Garcia, comprising 40 bedrooms along with a bar, restaurant, cafe and conference facilities.
Garcia is most famous for some marquee developments scattered around some of the world’s most upmarket cities, including Hotel Costes in Paris, Nomad hotel in New York and Vagabond Hotel in Singapore.
Following confirmation of the funding, Ben Barbanel, Head of Debt Finance, and Deepesh Thakrar, Debt Finance Director at OakNorth in a joint statement said the lender was looking forward to the opening of the hotel following its biggest ever deal.
They commented: “We’ve worked on a number of hotel deals since our launch in September 2015 – the development of a 200-bedroom aparthotel in Liverpool, the acquisition of the Ramada Plaza Southport Hotel, the merger between Whittlebury Hall and Whittlebury Park – but this is the first we’ve done in the hotel development space. We look forward to the opening of L’Oscar.”
Tony Tadros Director at Stonehouse Finance, who introduced OakNorth to the deal, added: “We are delighted to have worked with OakNorth – while arranging the debt for this transaction, we found the team to be incredibly swift, efficient and focused on closure within the tight deadline.
“A very refreshing, and impressive property finance proposition, and we look forward to our next transaction with the team.”