Dominv’s Group secures £68.5m funding for hotel builds

Located in the centre of Oxford, the Courtyard by Marriott Oxford City Centre hotel was completed in July 2019
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Dominvs Group, a London real estate development and investment group, has successfully secured £68.5m of funding, facilitated by Coutts and Clydesdale Bank Plc.

The funding is secured in two separate facilities, with £48m from Coutts allowing for the development of a new Hampton by Hilton hotel in London’s Aldgate, and a £20.5m investment loan from Clydesdale Bank Plc for the Courtyard by Marriott hotel in Oxford.

Dominvs Group said that the successful raising of funding for both projects “reflects the firm’s good banking relationships and confidence in the group’s development and operational capabilities, alongside rising optimism in the UK hotel industry after the start of Covid-19 vaccination programme in the UK”.

The hotel at 12-20 Osborn Street in Aldgate, formerly the Arbor City Hotel, was purchased by Dominvs Group in October 2018 and planning was granted for a new larger hotel scheme on the site during Q4 2018. The £48m of funding from Coutts will allow for the development of the new 10,963sqm 278-key Hampton by Hilton London City hotel, with practical build completion scheduled for June 2023.

The new five storey Hampton by Hilton London City hotel will comprise the refurbishment of the existing hotel plus a new-build extension, with the construction undertaken by contractor McAleer and Rushe. Located in the heart of East London, the hotel will have 278 rooms and suites, in addition to meeting, dining and events spaces including a cinema room and large function room. 

Located in the centre of Oxford, the Courtyard by Marriott Oxford City Centre hotel was completed in July 2019, with an 11-room extension opening in January 2020.

Despite the Covid-19 pandemic the 151-key hotel achieved over 50% occupancy rates during the summer of 2020. The investment of £20.5m from Clydesdale Bank Plc funded the development of the building.

The site at Paradise Street was purchased by Dominvs Group in October 2014 and was formerly the HQ of Cooper Callas, a kitchen and bathroom distributor. Dominvs Group obtained planning for a 140-key hotel in 2017 with the construction undertaken by McAleer and Rushe.

The six-storey hotel has a Kitchen and Bar Restaurant, lounge areas and a rooftop cocktail bar and garden/terrace offering panoramic 360 degree views over Oxford.

Preeptal Ahluwalia, director at Dominvs Group, said: “Dominvs Group is delighted to have successfully secured £68.5m of fresh bank funding which allows for the development of our new Hampton by Hilton branded hotel in London’s Aldgate and has refinanced our Courtyard by Marriott branded hotel in Oxford.

“The successful funding reflects our good banking relationships and confidence in the group’s development and operational capabilities, alongside rising optimism in the UK hotel industry following the start of the Covid-19 vaccination programme in the UK. It is excellent to see confidence in the hotel industry returning and these two hotels are well-placed to benefit from the gradual return of both domestic and overseas visitors to London and Oxford, two of the UK’s most popular tourist and business trip hotspots and destinations of increasing hotel need.”              

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