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Hospitality business JMK Group has secured a £48m loan from OakNorth and REL Finance to acquire and redevelop a City of London office building into a hotel.
The family-run company plans to convert the nine-storey Peninsular House on Lower Thames Street into a 260-bed hotel, subject to receiving planning permission.
Founded in 2009, JMK Group began with a single boutique hotel in Kensington and has since expanded its portfolio across London and Ireland.
The funding, which will also support ongoing operations, follows a previous acquisition loan provided by the two lenders in December 2024.
The project involves transforming the commercial asset to meet demand from business and leisure travellers, offering views of Tower Bridge and the Gherkin.
Zain Kajani, director of JMK Group, said: “At JMK Group, we pride ourselves on being a strong privately-owned company that puts people at the heart of everything we do. We have experienced rapid business growth since our establishment in 2009 and now have an extensive portfolio which is constantly evolving.
“We are constantly looking towards the future; the acquisition of Peninsular House fits into our overall growth objective of growing in Central London and follows on from our acquisition of Clements Lane which is currently being developed.”
He added: “We are grateful to the Oak North and REL Finance teams for their support in this transaction. Following the success of our last acquisition with Oak North and REL, we knew they would once again be the right funding partner for us.”
