£13.5m loan to fuel Birmingham aparthotel development

A £13.5m loan has been provided to SevenCapital by Pluto Finance, to regenerate the Royal Angus Hotel into 161 serviced apartments in Birmingham city centre.

Construction on the former 186-bedroom hotel is underway, with the developer set to convert and extend the building into an aparthotel, made up of 84 studios, 71 one-bedroom and 6 two-bedroom apartments.

The aparthotel, which is anticipated to launch in late 2023, will be an expansion of SevenCapital’s existing hospitality business, which includes the four-star Park Regis Hotel within the Five Ways area.

Damien Siviter, group managing director at SevenCapital, said: “We have worked incredibly hard to deliver a scheme which will transform the Royal Angus Hotel and provide high quality, desirable accommodation which will appeal to a wide range of tourists and business professionals, for both short and longer stays”.

Guy Norman, lending director at Pluto Finance, comments: “There is a shortage of flexible, high quality residential accommodation located in Birmingham city centre and this project will help meet strong demand from individuals and companies”.