Horwood House hotel secures £2.05m funding for refurbishment
The De Vere Horwood Estate is set to become a boutique independent hotel after its new owner secured a £2.05m loan to fund the refurbishment of the 185-bedroom property.
Located in Milton Keynes, the hotel was acquired in September from Starwood Capital off a guide price of £15.5m by Ziz Properties. Karim Kassam, who heads Ziz Properties, is a director of Crimson Hotels, which owns six hotels in the UK including 100 Queen's Gate, Curio Collection by Hilton and Doubletree by Hilton – West End, both in London.
Cynergy Bank provided a £10m loan over a period of five years for the hotel's acquisition, as well as agreed to loan a further £2.05m for an 18-month refurbishment, which will include an upgrade of the bedrooms, 200-cover restaurant, bar, reception area, 35 event spaces, swimming pool and spa.
Set within a 38-acre estate, the property will be repositioned as the Horwood House hotel within the four-star market. It was originally built using distinctive russet bricks from the Netherlands in 1911 as a country residence for the Denny family and was the birthplace of the late gardener Percy Thrower, whose father was the estate's head gardener.
Karim Kassam said: "This deal allows Ziz Properties to transform what was a good country hotel – into a great one. I am so pleased Cynergy Bank shared my vision for what Horwood House could become – a leading country hotel destination in the UK."
Ravi Sidhoo, managing director, private & business banking, Cynergy Bank, added: "Karim's plans for Horwood House are exceptional. His experience and vision is supporting the local economy beyond the hotel that are set to benefit from the refurbishment – not only in terms of contractors, but ongoing employment."