Pearl Hotels is set to put a £20.5m loan towards expanding and enhancing its Holiday Inn London Gatwick Worth hotel.
The funds will be put towards the addition of a further 40 bedrooms, taking the hotel to 158 bedrooms, and new conference facilities to better service the demand in the area.
Pearl Hotels was founded by Zahir Somani with the development of the Holiday Inn Express in Slough in 2005, followed by the acquisition of the Best Western Gatwick Worth hotel later that year off an asking price of £8.25m.
Mark Stokes, managing director of commercial banking at Metro Bank, which provided the loan, said: “We’re thrilled to support the development of Pearl Hotels. Championing business growth is something we’re incredibly passionate about at Metro Bank and we’re committed to our role in helping the business to flourish in a crowded hotel market.”
Somani added: “Metro Bank has been very professional in their approach, with the refinance process going through very smoothly, and in fact have been very supportive of our expansion plans altogether.”