Z Hotels has secured £18m of funding to purchase a five-storey office block close to Trafalgar Square.
The building in Chandos Place will be converted into a hotel, retaining an existing penthouse apartment, following the funding agreement with Metro Bank.
Bev King, founder of Z Hotels (pictured), said: “We really appreciate how quickly Metro Bank were able to put terms together for the acquisition. Metro Bank and our relationship manager Jackie Skelt were very supportive in the dealings with us which allowed the transaction process, from initial offer through to drawdown, to run extremely smoothly and efficiently. We look forward to developing our relationship with Metro Bank as we enter the next stage of growth in our business.”
The company already owns nine hotels in London, Liverpool and Glasgow with openings in Bath and London planned for later this year.
Mark Stokes, managing director of commercial banking at Metro Bank said: “We’re delighted that we could provide Z Hotels with a swift and custom-made funding solution. We look forward to further developing our long-standing relationship with them over the coming years, as they continue to expand their hotel portfolio.”
Z Hotels was launched in 2011 by a group of former executives from Thistle Hotels headed by King.
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