The privately owned Edwardian Group has received £375m of new finance from two different companies which will help it open a new hotel in London, extend its Manchester property and expand further in the UK hotel market.
Founded and owned by Jasminder Singh OBE, the hotel group welcomed £200m worth of debt from insurance company Metlife over a 20 year-term and £175m, seven-year facility from German bank Aareal Bank who is financing a hotel portfolio of five Radisson Blu Edwardian properties with a total of 996 rooms located in London. The group has also secured ongoing finance for the 14-strong portfolio from existing lenders, HSBC (£47m) and Santander (£28m).
The group now plans to develop a 360-bedroom hotel on the current site of the Radission Blu Edwardian Leicester Square hotel and Odeon cinema. Plans, which are in the final stages of approval by Westminster Council, also include a spa and two cinemas.
The group currently owns and operates 13 hotels under the Radisson Blu Edwardian brand in London, Manchester and Guildford, as well as the May Fair hotel, near Piccadilly.