The Shiva Hotels Group has secured £230m development financing package to fund the construction of a luxury hotel in London.
According to a PTI report, the company secured the funding from Cale Street Investments and Crosstree Real Estate Partners, both of which have the experience of financing such hotel projects.
The luxury lifestyle hotel will be located at Marylebone and will feature 199 rooms. The property is slated to open in early 2023.
Demolition contractor John F Hunt has already been appointed to carry out ground works as well as the initial substructure and frame construction works. The main contractor will be selected in early 2021.
Commenting on the funding, Shiva Hotels managing director Rishi Sachdev was quoted by the news agency as saying: “This is a major milestone for our Marylebone Lane development, and brings the delivery of what we believe will be one of London’s most iconic hotels one step closer.
“This is a challenging time for everyone involved in the hospitality sector and our near-term focus continues to be on working closely with all our stakeholders to navigate through this period of uncertainty.
“Longer-term however, we are steadfast in our conviction that the global appeal of London will continue and that this will translate into strong demand for our carefully curated hotels in highly desirable locations.”