A £30m luxury Yorkshire hotel that opened just five months ago has secured a loan of up to £10m for further development.
Raithwaite Hall Country Retreat will use the money from Grosvenor Financial Consultants to add more luxury accommodation and extend land for future expansion. Grosvenor supplied £7.2m for the hotel's original acquisition.
The 45-bedroom hotel, owned by the Skelwith Group, sits in 80 acres in Sandsend, near Whitby, in North Yorkshire.
Grosvenor director Mark Pepper said: "Extending the funding for Raithwaite Hall will allow Skelwith to further develop other opportunities within the Raithwaite estate and add further value for the company and investors."
DEPA, one of the world's largest interior contractors, designed the hotel. The company has sourced furnishings for other hotels including the Savoy in London and Dubai's Burj Al Khalifa.
The hotel also features a spa offering Aromatherapy Associates treatments and the Brace restaurant and grill.
Skelwith Group also owns the Flaxby hotel in Harrogate.
By Andy Morton
E-mail your comments to Caterer News here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.catererandhotelkeeper.com/tabletalk
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs