Compact luxury hotel chain, Z Hotels, to open new Leicester Square site following £23m co-loan from OakNorth and ASK Partners.
OakNorth, the neobank for entrepreneurs, by entrepreneurs, and real estate funding specialist, and ASK Partners (“ASK”) have provided a £23m co-loan to ‘compact luxury’ hotel chain, Z Hotels.
The group has been a long-standing customer of both OakNorth and ASK, most recently securing a loan with OakNorth in June this year to refinance an existing loan, as well as fund the construction of an additional 20 rooms at its Piccadilly location. ASK also provided funding for the group’s Trafalgar Square hotel.
The latest facility announced today marks the inaugural co-loan from OakNorth and ASK Partners to Z Hotels and will be used to acquire and refurbish a mixed-use building, consisting of a ground and basement floor with restaurant/retail use and four storeys of office use accommodation above ground floor, plus a fifth-floor attic. The building, located along Charing Cross Road and a short walk from both Leicester Square and Trafalgar Square, will be converted into Z Hotels’ latest offering and, subject to planning, is expected to have a minimum of 81 rooms and a maximum of 95 rooms. The site is very centrally located and within walking distance of many of London’s main tourist attractions.
About Z Hotels: Founded by Bev King, Z Hotels launched its ‘compact luxury’ accommodation model in London with the opening of Z Soho in 2011. Since then, the hotel chain has experienced continued success with 14 sites now operational, including 11 in London and one each in Liverpool, Bath, and Glasgow, offering over 1,700 rooms.