Bank deal paves way for acquisition and redevelopment of Grade II-listed hotel
OakNorth Bank has provided a bespoke finance facility supporting the acquisition and redevelopment of the Grade II-listed Dumbleton Hall Hotel situated on the border of Gloucestershire and Worcestershire.
Dumbleton Hall was built in the the mid-1800s as a classic stately home, before becoming a hotel post WWII.
The hotel currently has 39 rooms, a variety of event spaces and 19 acres of gardens, woodland and lake.
The project, which will see the hotel upgraded from a 3 to a 4-star plus establishment, as well as the addition of five new rooms and more event space, is being led by the team behind US based property developer Chatham Park Development.
The upgraded hotel will be operated by Bespoke Hotels, the UK’s largest independent hotel group, which operates over 14,000 rooms worldwide across over 90 hotels with franchises such as Accor, DoubleTree, and Mercure.
Chatham Park Development was advised on the transaction by David Grant of Axis Commercial Finance.
Paul Vezolles, founder and president of Chatham Park Development, said: “Dumbleton Hall has a unique and extensive history, so it is our privilege to be breathing new life into the estate in a way that preserves it’s historical significance whilst bringing it up to modern expectations. With every project we work on, we always look to create and deliver the most desirable outcome possible for all stakeholders – with our redevelopment of Dumbleton Hall being no exception to this rule.”
Marcus Hook and Steve Mitchell, directors of debt finance at OakNorth Bank, added: “With ongoing restrictions as a result of COVID-19, there is pent up demand in the UK for both staycations and weddings. This will continue well into next year as countries worldwide decide what to do in terms of COVID passports, quarantines, etc.
“Given its popular location for tourists, its 4-star plus upgrade, additional rooms and events space, and the fact that it will be operated by a leading hotel group, means Dumbleton Hall is in a prime position to maximise on this trend. We very much look forward to watching the redevelopment take place and hope to work closely with Paul and the team again in the not too distant future.”