The Signet Hotel Group has secured a £3.7m debt finance facility from OakNorth Bank following its acquisition of The Mitre Hotel at Hampton Court.
The recently-formed hotel group is led by Hector Ross, the former COO of Bel and The Dragon, a collection of country inns that OakNorth Bank previously lent to in 2017.
The group first acquired The Mitre Hotel in January 2020, and will now use the secured funding to refurbish the 36-bedroom site and upgrade it from a three-star to a five-star hotel.
The boutique hotel, which is due to reopen in September this year, has a 60-cover riverside restaurant, a 70-cover brasserie and bar and an 80-cover orangery, as well as an external riverside terrace and two private dining areas.
The site dates back to 1665, and was later rebuilt in the mid-18th Century. It sits on the bank of the River Thames, in close proximity to Hampton Court Palace.
Hector Ross, co-founder of Signet Hotel Group, said: “The Mitre Hotel has a unique and extensive history, so it is our privilege to be refurbishing the building by breathing new life in creating 36 individually designed new bedrooms in a way that preserves this historical significance.
“Additionally, our two new restaurant concepts aim to attract local residents, hotel residents and Hampton Court Palace visitors.”
He added: “Having worked with OakNorth Bank before, I know that they have in-depth knowledge of the UK hotel industry and a speed-of-execution that no other lender can match – especially now.
“It was great to once again have their support and we look forward to continuing to build on the relationship as Signet Hotels grows in the near future.”
Deepesh Thakrar, senior director, debt finance at OakNorth Bank, said: “Given the ongoing impact of COVID-19 on the economy, it’s vital that UK hoteliers are given the financial support they need to pursue their growth ambitions.
“Hector has an extensive and successful track-record in the hotel sector which, combined with this high-quality hotel in an excellent location makes it a considerable opportunity for growth.”
He added: “By the time the hotel re-opens in six months’ time, COVID-19 will hopefully no longer be impacting the industry, so we have no doubt when that time comes, that it will be a hit with both domestic and international tourists.”
