OakNorth Bank completes £15m refinancing to returning customer and ‘compact luxury’ hotel chain, Z Hotels, to support future growth.
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a £15m loan to ‘compact luxury’ hotel chain, Z Hotels, to refinance an existing loan and support its future growth ambitions.
Now returning to the neobank, the latest facility from OakNorth will also be used to refinance its current loan facilities and fund the construction of an additional 20 rooms at its Piccadilly location, taking its total number of rooms to 132, in addition to being used to develop new lift facilities and a new ground floor café.
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 1,710 bedrooms. The business has been an OakNorth customer for several years now, with it initially securing bespoke funding in 2018 to support its expansion of new sites across central London in Covent Garden, Holborn, and Tottenham Court Road.