The company, well known for its ‘compact luxury’ accommodation model, will use the facility for the acquisition and refurbishment of the building, which subject to planning, will be converted into Z Hotels’ 15th site with a minimum of 81 rooms and a maximum of 95.
ASK and OakNorth have provided a £23m co-loan to Z Hotels, secured against a vacant office block on Charing Cross Road.
Daniel Austin, CEO and Co-founder of ASK said,
"As always it was a pleasure to work with the team at OakNorth and to lend to Z Hotels again. This is an exceptionally well-located site which fits Z Hotels’ target market perfectly, capitalising on the growth we’re seeing in single business travellers during the week and short stay tourists at weekends. Given Z Hotels’ track record as a successful owner operator of five other hotels within close proximity of this site all with high year-round occupancy levels, ASK was fully supportive of the project and happy to provide a 36-month loan to acquire this building, which I anticipate will be another well-designed and popular hotel for the group."
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