Signet Hotel Group has secured a loan of £3.7m from OakNorth Bank to upgrade the Mitre at Hampton Court from a three to a five-star hotel.
The 36-bedroom boutique hotel, set on the banks of the River Thames by Hampton Court Palace, includes a 60-cover riverside restaurant, a 70-cover brasserie and bar, an 80-cover Orangery, a large riverside terrace and two conference rooms and private dining areas. It is due to reopen in September, government guidelines allowing.
Hector Ross, co-founder of Signet Hotel Group, which acquired the Grade II-listed hotel in January, said: "The Mitre hotel has a unique and extensive history, so it is our privilege to be refurbishing the building by breathing new life in creating 36 individually designed new bedrooms in a way that preserves this historical significance. Additionally, our two new restaurant concepts aim to attract local residents, hotel residents and Hampton Court Palace visitors."
Deepesh Thakrar, senior director of debt finance at OakNorth Bank said it was "vital" that UK hoteliers are given the "financial support they need to pursue their growth ambitions" and was hopeful that by the time the Mitre reopened, the threat of Covid-19 will "hopefully no longer be impacting the industry", thereby leveraging its position to attract domestic and international tourists.
The Mitre, which was rebuilt in the mid-18th century, dates back to 1665 and was originally used as ancillary accommodation for guests of King Henry VIII.