Arora Group has secured a £50m loan from OakNorth Bank to take advantage of opportunities arising from the Covid-19 pandemic.
Surinder Arora, founder and chairman of Arora Group, said: "Covid-19 has inevitably presented numerous challenges for our sector, but as we found during the 2008 financial crisis, unique opportunities arise in times of economic turmoil. This loan from OakNorth Bank provides us with the liquidity to take advantage of these opportunities and focus on playing for the upside, when many others will be distracted trying to protect the downside."
Ben Barbanel, head of debt finance and Mohith Sondhi, senior debt finance director at OakNorth Bank, said: "The 20-year track record of the group speaks for itself and despite the challenges Covid-19 is presenting to the sector, Arora Group is still being able to identify interesting opportunities to grow its portfolio. We're glad to have been able to support the group and look forward to continuing to build on the relationship."
Founded in 1999 by British-Indian businessman, Surinder Arora, the Arora Group has a portfolio of 30 properties across the UK, including the InterContinental at the O2 (pictured), the Sofitel London Heathrow and Fairmont Windsor Park, as well as more than a dozen hotels across Heathrow, Gatwick and Stansted airports.