Solent: NatWest provides loan restructuring for major Harbour Hotels development
NatWest has provided Solent-based luxury hotel group Harbour Hotels with loan restructuring for a £95 million development programme that will create 500-600 new jobs across the south.
The programme comprises four separate developments including the company’s flagship scheme – the Southampton Harbour Hotel & Spa at Ocean Village – and new acquisitions in Chichester, Bristol and Brighton.
Working to an extremely tight deadline, a team of experts from NatWest developed a full financial restructuring which includes a revolving credit facility that will provide Harbour Hotels with the necessary flexibility to fund its forthcoming development and refurbishment projects.
The development programme specifically comprises:
Southampton Harbour Hotel & Spa at Ocean Village
Due to open in 2017, the hotel will be Southampton’s only luxury, five-star standard hotel and will include 85 bedrooms, a ‘Harbour Spa’ with gym and swimming pool, Harbour Hotels’ award-winning Jetty restaurant concept, a luxurious rooftop champagne bar and bespoke interior design.
Guildford Harbour Hotel & Spa
With a prime position in the heart of Guildford, this 183-bedroom hotel features a luxury spa alongside a restaurant, vibrant bar, exciting events space and alfresco dining terrace. This hotel will join the Harbour Hotels Group with effect from March 31, 2016.
Chichester Harbour Hotel
This project comprises the refurbishment and extension of a landmark Grade II-listed Georgian hotel, with 37 bedrooms and a luxurious private cottage which overlooks the local Priory Park. Set within the city walls of Chichester, an extension will include 25 additional bedrooms, extra function facilities and undercroft parking.
Bristol Harbour Hotel & Spa
Harbour Hotels recently acquired two large former bank buildings on Corn Street in Bristol city centre. Offering an abundance of character and detail, these architecturally-exceptional period buildings will be extensively refurbished and redeveloped with the properties being linked together to create a distinctive new 42-bedroom hotel.
Brighton Harbour Hotel & Spa
Located on Brighton’s famous seafront and just minutes from the iconic Brighton Pier, this impressive 77-bedroom hotel will feature the city’s only rooftop pool when it opens in summer 2016.
Harbour Hotels managing director Michael Warren said: “The funding provided by NatWest is fundamental for the expansion of our business. This loan will prove instrumental in delivering an exceptional product and brand to create the leading luxury hotel group in the south of England.”
Chris Priest, relationship director, corporate and commercial banking, NatWest, said: “Over the past few years Harbour Hotels has grown rapidly to become one of the UK’s most highly-regarded leisure groups. Our team worked hard to understand the client’s business, providing the company with a bespoke, creative financial solution that will provide a strong foundation for its next phase of growth and job creation.”