UK: Global alternative asset management group Tikehau Capital has completed £21 million in funding for Rogue City Hotel Group to continue construction on two new hotels in Glasgow and Cambridge.
Rogue City Hotels owns and operates Dunalastair Hotel Suites, a five-star hotel in the Scottish Highlands, with plans to expand over the next five years. Each room in a Rogue City Hotel includes a mini kitchenette, with the group currently developing The Wellington in Glasgow and The Hobson in Cambridge.
Housed in a former Tribunal Court building, The Wellington will be restored to include 98 bedrooms and meeting space. It is expected to open in summer 2022.
The Hobson will be a 56-suite luxury hotel housed in a Grade II-listed former police station. It too will feature meeting space and is scheduled to open in September 2022.
Both properties will be delivered by Henley Construct, under Henley Homes Group PLC.
Nassar Khalil, founder and CEO of Rogue City Hotel Group, said: “It has been a pleasure working with Tikehau Capital on this transaction over a seven-week seamless closing process, which shows confidence in our concept, in one of the most challenging times for the hospitality industry.”
Jean Odendall, fund manager of the Tikehau special opportunities funds at Tikehau Capital, added: “We are very happy to have partnered with Rogue City Hotel Group to help them develop this ambitious project. This transaction is illustrative of our opportunistic and innovative strategy, leveraging Tikehau Capital’s alternative investment platform to provide flexible capital during a uniquely challenging period of time, and supporting projects and teams in which we believe in.”
Rogue City Hotel Group is an owner-managed hotel company founded in 2015 by Nassar Khalil. A fourth property has been secured by the group in Perth, with plans for additional national and international locations.