Topland Group has committed to offering £20m ($25m) of funding to support the renovation of Exeter Hospitality’s newly opened IHG Hotel Indigo in Exeter, UK.

The structured finance division of the company has provided the development facility to Exeter Hospitality with a stabilisation period.

Exeter Hospitality converted the former House of Fraser department store into a hotel.

Opened at the year beginning, the IHG Hotel Indigo features 104 bedrooms, a new rooftop bar overlooking Exeter Cathedral and retail space on the ground floor.

It also boasts a sports bar, a spa and Colson's Bar and Restaurant.

Topland Group structured finance director Tom Betts said: “Hospitality remains a priority sector for us as consumer and business demand continues to strengthen and pass pre-Covid levels.

“As well as developing our own sites, our loan book is geared towards supporting ambitious projects – particularly those that provide a new purpose for quality assets in prime locations.

“The new Hotel Indigo is a great example of this commitment and we look forward to helping others bring forward similar regeneration projects in the coming months.”

The company has also committed to offering more than £55m ($69.9m) for the development and refurbishment of two hotels located on the seafront of Brighton. These two hotels are planned to be operated by the Dalata Group and Hilton.

Through a £21m ($26.6m) facility, Topland Group is also supporting the conversion of the Northern and Shell Tower in London into a 209-unit residential project.

The company also is supporting a 159-apartment project located near Paradise Circus, Birmingham, UK.