German boutique hotel brand Amano is set to come to the UK.
Manex Properties has landed a £49m loan to convert Drury House in London's Covent Garden into the 141-bedroom Amano Covent Garden hotel, due to open in 2022.
Leumi UK, the London-based subsidiary of Israel's international bank, provided the loan to finance the conversion, refinancing another lender.
Manex Properties is a joint venture between the Germany-based Amano Group – a hotelier with 15 hotels across Germany – and Excellion Investments, a London-based investment firm. Manex Properties intends to establish multiple hotels in the UK over the coming year with an initial focus on central London.
Robert Stafler, director at Manex Properties, said: "Manex was created with a vision to add a new flavour to London's hotel landscape. We are pleased to have closed this financing with Leumi UK, whose excellent team has been a strong and reliable partner for us right from the get-go.
"The success of this financing during the pandemic is testament not only to our relationship with the bank, but also to the strength of our team and our unique location in the heart of Covent Garden. Amano Hotels are an established, award-winning franchise in Germany, and we look forward to launching the Amano brand here in London in 2022."
Ashley Marks, director, Manex Properties Ltd, added: "Leumi UK has a strong track record when it comes to financing hotel developments in the UK, so we knew we were in safe hands. The team has supported us from the outset and was able to structure a facility to suit our needs and support our vision for the project. We are particularly pleased that Leumi has supported our long-term vision notwithstanding the issues facing the hotel industry as a result of the Covid pandemic. Drury House is the first of multiple hotel projects we are planning here in the UK."
Stephen Welch, senior relationship manager, hotel finance, at Leumi UK, said: "We are delighted to be able to support Manex Properties with their exciting new hotel development in Covent Garden. The project has the backing of a very capable team, an excellent location and I'm certain of its ongoing success. We will be here to support them through every step of the way."