OakNorth Bank – the UK bank powered by OakNorth – has provided a £3.7m debt finance facility to the Signet Hotel Group, a partnership fronted by Hector Ross, the former COO of Bel & The Dragon, a collection of country inns that OakNorth Bank lent to in 2017.
The finance will be used to refurbish and upgrade the Grade II listed Mitre Hotel, which the Signet Hotel Group acquired earlier this year. The boutique hotel, which will offer more junior suites following the refurbishment, also has a 60-cover riverside restaurant, a 70-cover brasserie and bar, a large external riverside terrace and three dedicated conference rooms and private dining areas. The Mitre dates back to 1665, having originally been used as an ancillary accommodation for Hampton Court Palace, before being rebuilt in the mid-18th Century.
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.
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, commented:
“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. 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.”