Hyde Park Residential was appointed to raise £6m for the project after senior debt had been secured. This phase of the project includes the acquisition of two properties, one in the centre of Cambridge and the other in Glasgow (pictured above) and the redevelopment of the sites into two hotels.
With a Gross Development Value of £27m the two hotels of 57 keys and 98 keys respectively are set to open to the public within 18 months following a multi-million pound redevelopment program.
Nicholas Portelli, founder of Hyde Park Residential commented “we are very pleased to have assisted our client secure the necessary funding for this ambitious and very exciting project. We are confident that we will be able to provide investors with similar opportunities in the near future and we look forward to more successes in 2020”.
“Our client’s intention is to create a portfolio of properties initially in key urban locations across the UK, combining affordable luxury accommodation with creative and guest-centric design” Nicholas added.
The main focus will be to offer an affordable pricing strategy, delivered to a 4-star plus fit out but without the food and beverage components of a full-service hotel. The portfolio will expand to locations such as London, Edinburgh, Cardiff, Brighton and Bath.