Today’s news in brief – 17/9/24
The Montcalm Marble Arch hotel is set to reopen in Spring 2025 following its closure in March 2023 for extensive renovations. Located at the top of Park Lane, close to Hyde Park, the hotel has undergone a full transformation, preserving its 1700s architecture while introducing modern features. Architects Holland Harvey and interior designers Studio Mica have revitalised the guest rooms, suites, and public spaces, while Studio Est crafted a timeless design for areas like the restaurant and ballroom. The hotel features 150 rooms, including three signature suites, and public areas are designed to blend historical charm with contemporary furnishings. Additionally, the hotel will offer wellness facilities, dining options, and event spaces, including a 400 sqm Grand Ballroom for large occasions.
ProsperCap Corporation, a Singapore hotel group, has secured £310m in refinancing for its UK portfolio through Deutsche Bank and Standard Chartered Bank. The refinancing comprises a £296.04m term loan and a £13.96m CAPEX loan, with a 24-month tenure and extension options. This funding comes as UK tourism and domestic demand recover, boosting revenue per available room (RevPAR) and average daily rate (ADR). ProsperCap’s portfolio includes 17 upscale hotels under brands like Hilton, IHG, and Marriott. The loan will be used for refinancing, capital expenditure, and general corporate purposes, strengthening ProsperCap’s financial stability and enabling further property improvements.
The Bristol Hoteliers Association (BHA) has criticised Bristol City Council’s proposed £20 weekly parking levy for city centre commuters. The council aims to reduce congestion and pollution, but the BHA argues the charge will further burden hospitality businesses already facing challenges like the increased National Living Wage. The levy could affect around 9,000 employees, and the BHA suggests the council should focus on supporting the struggling hospitality sector. Chair Raphael Herzog emphasised the need for efficient public transport alternatives, particularly for staff with early and late shifts, calling for the council to reconsider the plan.
Seaham Hall has announced the launch of 19 exclusive coastal residences, including one- and two-bedroom lodges, to be completed by Spring 2025. Priced between £425,000 and £750,000, these luxury properties offer 365 days of access to Seaham Hall’s world-class amenities. Designed by Gaunt Francis Architects, the lodges feature open-plan living spaces with modern kitchens and vaulted ceilings. Owners can choose between personal use, renting the property, or a combination of both to optimise returns. Seaham Hall’s management emphasises the blend of luxury living and coastal charm in these new residences.
