L'Oscar, a new luxury, 40-bedroom hotel being developed in a Grade II* Baptist church by Triangle Hotels & Resorts, in Holborn, central London, has secured £24m worth of funding.
The investment has been made in the form of a £21m loan from OakNorth Bank and a further £3m from RM Funds.
Although the total cost of the hotel has not been disclosed, the £21m loan was confirmed by OakNorth as being equivalent to 50% of the development's gross development value (the estimated amount the property will be worth upon completion).
Originally due to open last year, the L'Oscar is now expected to launch in 2018.
Triangle Hotels and Resorts is a division of investment and asset management group Triangle. L'Oscar is being designed by Jacques Garcia and will house a bar, restaurant, café, and conference facilities.
It will be managed by Michael Voigt, formerly general manager of the five-AA-star, 82-bedroom Arch London. He has also previously worked in London at the Connaught, the Berkeley and One Aldwych. During London 2012, Voight ran the accommodation for 2,500 athletes in the Olympic village.
Tony Fleming has been appointed executive chef, after departing the D&D London's South Place in the City of London where he worked for four years and won a Michelin star.
Triangle Hotels and Resorts is a division of investment and asset management group Triangle.
OakNorth was introduced to the deal by Stonehouse Finance.
Tony Tadros director at Stonehouse Finance added: "We are delighted to have worked with OakNorth. While arranging the debt for this transaction, we found the team to be incredibly swift, efficient and focused on closure within the tight deadline. A very refreshing, and impressive property finance proposition, and we look forward to our next transaction with the teamâ."
The loan is OakNoarth's largest deal since launching in September 2015.
Since acquiring the former Baptist Union building in 2012, Triangle has gone on to buy the 3.3 acre Holborn Links Estate, on behalf of Perez International, for £212.5m. The estate includes the Travelodge hotel on High Holborn.
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