UK: The family-run property located in South Kensington has secured a loan to renovate the hotel and add another five bedrooms.
Purchased in the 1980s, the hotel has been in operation since 1984 and was converted from a five-storey terraced house into a 30-bedroom hotel in 2011.
The loan will be used to redecorate all the bedrooms and add a further five, refit the bathrooms, and make repairs to the roof and front exterior.
Khalida Khalid, owner of The Jade Hotel, said: “Securing this capital at this time is a clear testament to OakNorth Bank’s willingness to continue supporting the hospitality sector at a time when many of its peers are retrenching from the market. This capital gives us the opportunity to conduct renovations and ensure we can host additional guests once international travel reopens. Deepesh and the rest of the team at OakNorth Bank clearly know the hotel sector well and were incredibly transparent throughout the entire borrowing process.”
Deepesh Thakrar, senior director of debt finance at OakNorth Bank, commented: “While there’s never a good time to do renovations, the lockdown provides the Khalid family with an opportunity to increase room capacity without having to disturb hotel guests. Similar to one of our earlier hotel deals, these renovations put The Jade Hotel in a good spot to accommodate a larger number of guests, in anticipation of a boom in international travel in the coming months. It’s been a pleasure working with a family that shares the same passion and entrepreneurial drive as OakNorth Bank.”
BHN spoke to Ben Barbanel, head of debt finance at OakNorth Bank, to hear about the company’s current and future lending. Click here to take a listen to the podcast.