UK: Bank Leumi UK has completed a £49 million development loan to Manex Properties to finance the conversion of Drury House, a former office building in Covent Garden.
The bi-lateral facility its a joint endeavour between Leumi UK and its parent group in Israel.
Manex Properties is a joint venture between the Germany-based Amano Group – with 15 hotels across Germany – and Excellion Investments, a London-based investment firm.
The development of Drury House will see the creation of the 141-bed Amano Covent Garden hotel, set to open in 2022.
Stephen Welch, senior relationship manager, hotel finance at Leumi UK, said: “We are delighted to be able to support Manex Properties with their exciting new hotel development in Covent Garden. The project has the backing of a very capable team, an excellent location and I’m certain of its ongoing success. We will be here to support them through every step of the way.”
Robert Stafler, director at Manex Properties, said: “Manex was created with a vision to add a new flavour to London’s hotel landscape. We are pleased to have closed this financing with Leumi UK, whose excellent team has been a strong and reliable partner for us right from the get-go. The success of this financing during the pandemic is testament not only to our relationship with the bank, but also to the strength of our team and our unique location in the heart of Covent Garden. Amano Hotels are an established, award-winning franchise in Germany, and we look forward to launching the Amano brand here in London in 2022.”
Ashley Marks, director at Manex Properties Ltd, added: “Leumi UK has a strong track record when it comes to financing hotel developments in the UK, so we knew we were in safe hands. The team has supported us from the outset and was able to structure a facility to suit our needs and support our vision for the project. We are particularly pleased that Leumi has supported our long-term vision notwithstanding the issues facing the hotel industry as a result of the Covid pandemic. Drury House is the first of multiple hotel projects we are planning here in the UK.”