9 September 2024
Assetz Capital, a leading provider of property-secured finance, specialising in commercial mortgages and development finance, has successfully structured a funding package of £9.95m facility for VOCO Leicester Hotel financed with Atom bank.
Last year, hotel management company Kew Green Hotels announced their plan to reflag two existing properties in Leicester and Manchester under IHG’s VOCO brand. The group acquired management of Hotel Brooklyn Leicester and Hotel Brooklyn Manchester and has signed a franchise agreement with IHG to rebrand them as VOCO properties during 2024.
David Hehir, Relationship Director at Assetz Capital commented, “I enjoyed playing a vital role in structuring this finance package with Atom bank to ensure its successful delivery for the Voco Leicester Hotel. Following Assetz Capital recent completions of an IBIS Styles Hotel in Glasgow for £5m, it is positive that we have expanded our reach structuring this fantastic hotel in Leicester. We would also like to pass on our thanks to Paul Goodman of Goodman Corporate Finance for his help with the transaction.”
Andrew Fraser, Chief commercial officer at Assetz Capital said, “We are pleased with the commerciality and speed shown by Atom on this £9,95m transaction. Assetz Capital and Atom bank have now completed a series of deals including office investments, leisure assets and now a branded hotel chain. The transaction completed in less than 12 weeks from initial discussion. We look forward to continuing to work further with Atom bank in the real estate space providing loans up to £10m.”
David Castling, Head of Intermediary Distribution at Atom bank, added: “Our capability to fund loans of up to £10m in size at speed across the whole of the UK, reinforces our ongoing appetite to support the whole SME debt spectrum from small to large loan sizes. Assetz Capital and Atom bank’s collaborative approach ensured a smooth and efficient transaction, and we look forward to providing further funding to companies like VOCO in the future.”
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