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Family-run hospitality business JMK Group is set to acquire a new site in the City of London along St. Clement Lane.
The group will acquire a five-storey Grade II listed office block and convert it into a new 185-key hotel.
The acquisition will be made using a £16.6m co-loan from OakNorth Bank and REL Finance.
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’ve 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, with this acquisition of the St. Clement Lane site a prime example of this, so we’re grateful to the OakNorth and REL Finance teams for their support in this transaction. Following the success of our initial transaction with OakNorth in August 2022, we knew they would once again be the right funding partner for us.”
Deepesh Thakrar, senior director of debt finance at OakNorth, added: “JMK continues to be an incredibly strong family business, with ambitious plans for the future. This transaction represented an exciting opportunity to facilitate a new deal with an existing customer, that has built up an excellent portfolio and track record for creating highly successful hotels, across the UK and Ireland. We look forward to continuing to support the Group with its future growth, in particular with acquisitions of new assets to further strengthen its portfolio.”
JMK Group was founded in 2009 starting with a small boutique hotel in Kensington.
Since then, the group’s portfolio has grown to include hotels, properties, and cafes across London and Ireland.
