UK: Juniper Hotels Holdings Limited (JHHL) has secured £34 million from Leumi UK to reposition a Holiday Inn in Oxford Circus into an upscale boutique hotel.
The £34 million will be used to finance the acquisition of the leasehold interest and refurbish the hotel, increasing its number of rooms to 171.
Westmont Hospitality, owner and operator of 56,000 hotel rooms across three continents, part-owns JHHL.
Stephan Jaques, transaction associate at Westmont Hospitality, said: “There is immense value given today’s hotel market in pivoting hotels towards a luxury offering. It was important for us to work with a financial partner with detailed knowledge of the hospitality sector, and Leumi UK have certainly delivered on that front.”
Soraya Shamji, hotel consultant at Leumi UK said: “The outlook for well-specced assets in central locations is positive as consumer demand and investor interest in hotels rebounds from the pandemic. Our strategy of supporting hotel operators during Covid-19 has proven effective and has allowed us to forge relationships with leading operators, and we’re proud that it is now leading to those same partners creating opportunities like this one.”
David Yeadon, executive director of real estate debt advisory at SPF Private Clients, said: “We are delighted to have provided assistance to our long-standing client in relation to the successful financing of this new London venture. Leumi UK’s sector expertise and relationship-focused approach has been pivotal to this project. Prime Central London hotel assets have rebounded spectacularly, and in the safe hands of Westmont Hospitality the purchase and re-positioning of this hotel is bound to be a resounding success.”