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Burgh Island Hotel, which is located on its own private tidal island off the coast of South Devon, has successfully completed a £5.4m refinancing and additional funding package led by Metro Bank.
The announcement comes alongside the news that the Burgh Island Hotel has been withdrawn from the market, despite receiving “attractive” offers.
The financing will support the hotel’s refurbishment, which will see that upgrades are made to the property’s infrastructure and sustainability commitments.
This will include enhancements to the hotel’s décor, preserving its large collection of art deco antiques and architectural features, as well as its original Crittall windows.
The news comes as Burgh Island Hotel has also confirmed the completion of new water treatment works and a new front roof, which are expected to be finished later this September.
Other ongoing upgrades include the reinforcement of sea defences to prevent cliff erosion, along with additional cladding and repainting to protect the Island’s infrastructure for the future.
Last year, the hotel completed a £3m refurbishment of its accommodation for employees on the mainland, as well renovations to the Chirgwin staff rooms.
Giles Fuchs, owner of Burgh Island Hotel, said: “I am delighted to announce that I will be continuing as the owner of Burgh Island. The refinancing agreed with Metro Bank will facilitate further investments in the hotel and enhance its infrastructure, services and beauty while maintaining its art deco authenticity and commitment to sustainability.”
Nicholas Kalamaras, head of hospitality and leisure at Metro Bank, added: “We are very pleased to support the Burgh Island Hotel’s drive to further enhance its proposition, services, and sustainability.
“It is already recognised as one of the world’s most admired hotels and is highly valued by its guests. Supporting the Hotel is in line with our ambition to support leisure and hospitality businesses in fulfilling their growth potential and achieving their strategic goals.”
