South Kensington hotel set for expansion with OakNorth Bank funding
A family-run hotel in South Kensington is set to undergo an expansion and renovation project after securing funding from OakNorth Bank.
The Jade Hotel, which is run by the Khalid family, has secured funding from the business bank, powered by tech firm OakNorth, to expand and revamp its venue.
Situated near Earls Court Underground Station, the hotel will expand with five new bedrooms to be created, as well as redecorating existing rooms, refitting bathrooms, and making repairs to the roof and front exterior.
Khalida Khalid, owner of The Jade Hotel, commented: “Securing this capital at this time is a clear testament to OakNorth Bank’s willingness to continue supporting the hospitality sector at a time when many of its peers are retrenching from the market.
“This capital gives us the opportunity to conduct renovations and ensure we can host additional guests once international travel reopens. Deepesh and the rest of the team at OakNorth Bank clearly know the hotel sector well and were incredibly transparent throughout the entire borrowing process.”
Deepesh Thakrar, senior director of debt finance at OakNorth Bank, added: “While there’s never a good time to do renovations, the lockdown provides the Khalid family with an opportunity to increase room capacity without having to disturb hotel guests.
“Similar to one of our earlier hotel deals, these renovations put The Jade Hotel in a good spot to accommodate a larger number of guests, in anticipation of a boom in international travel in the coming months.
“It’s been a pleasure working with a family that shares the same passion and entrepreneurial drive as OakNorth Bank.”
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