2023-07-03 09:13:33
Z Hotels, the “compact luxury” hotel group, has announced plans to expand its property in London’s Piccadilly district. With a new £15m loan from OakNorth Bank, Z Hotels aims to refinance existing debt and support its future growth ambitions.
The expansion project includes the addition of 20 rooms, which will bring the total number of rooms at the Piccadilly Hotel to 132. In addition, the hotel will feature a new cafe concept on the ground floor and upgrades to the elevators.
Founded by Bev King, former COO of Thistle Hotels, Z Hotels opened its first property in Soho in 2011 and has since grown to operate 14 properties in London, Liverpool, Bath and Glasgow. The concept of the group is to offer affordable luxury rooms and services.
Z Hotels’ strategic decision to expand its Piccadilly property reflects the company’s commitment to improving its offering and meeting the growing demand for affordable, centrally located luxury accommodation. With the new facilities at OakNorth, Z Hotels can work closely with its team, facilitating the continued growth and development of the brand across the UK, while expanding the Piccadilly site.
“Since our launch 12 years ago, our brand goal has remained very simple: to provide consumers with a chain of hotels in central locations, with reasonable rates, modern and elegant designs and high-end amenities. quality. OakNorth has supported us in multiple transactions and we consider them our trusted financial partner, who have worked closely with us during the difficult times of the pandemic and the current cost of living crisis. With this new funding from OakNorth, we are getting closer to their team and look forward to continuing the development of the Z Hotels brand in the UK, while expanding our Piccadilly site. – Bev King, CEO of Z Hotels
“Z Hotels’ unique proposition has allowed it to build a large and diverse portfolio in a relatively short period of time and achieve incredibly high occupancy throughout the year. The focus on room quality and guest experience is demonstrated by 99% revenue, five-star reviews and an average occupancy rate of 96% across all hotels. Additionally, Z Hotel’s resilience to the avian flu pandemic has been exceptional, with the company now exceeding pre-avian flu activity levels. – Deepesh Thakrar, Senior Director of Debt Finance at OakNorth
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