Boscalt Hospitality is set to convert a site at 15 Old Bailey from office space into a new “luxury” hotel following a £34.4m loan from OakNorth Bank.
Following contemporary ESG standards, the business said the property will become “the highlight” in this “already recognised” area of London.
It revealed the new hotel will have around 110 bedrooms, a speakeasy restaurant and bar, along with a “full-service” restaurant, and a gym.
Alex Shamash, who founded the group, said: “Having secured planning permission, we have searched for the right funding partners for this project and we are pleased to have selected OakNorth. The fact that OakNorth Bank was able to structure a facility to enable us to refinance and develop the hotel, meant we could also focus on securing the right operator.”
Liza Masías, from Boscalt Hospitality, added: “We’re excited to bring this new hotel concept to market whilst preserving the building’s unique legacy and its 19th Century features. The hotel integrates the best market standards of sustainability and will feature a speakeasy bar and Levantine open kitchen restaurant concept.”
Deepesh Thakrar, senior director of Debt Finance at OakNorth Bank, said: “Given the historic significance of the building and the fact that it’s attracted a well-established brand as an operator, we wanted to design a facility that would enable Boscalt and Alex to move quickly and avoid the opportunity cost of having to secure financing for each stage of the project.”