Hotel owners take control following £1.6m funding package
THE owners of the Westmead Hotel in Hopwood near Birmingham have bought the freehold, backed by a £1.6m finance package from bank Santander Corporate & Commercial.
Santander was supported in the deal with funding from the European Investment Bank.
The family-run business, founded by husband and wife team Ben and Jessy Panesar, will now gain full control of the hotel giving them autonomy to develop the business.
The three-star hotel boasts 56 rooms, four of which are ‘feature’ rooms housed in the original 200 year-old main building, a wide range of meeting, training and conference rooms suitable for events and exhibitions, a 65-cover restaurant and lounge bar. The hotel also holds its own wedding licence.
Ben Panesar, hotel owner, said: “We are thrilled by the opportunities this will open up for us, and are excited to start developing the hotel, its services and surrounding land so that we can better meet the needs of our customers and grow the business.”
John Hyde, relationship director for Santander Corporate & Commercial, said: “It is great to be able to help local business owners achieve their ambitions and we are proud to have been able to support Mr and Mrs Panesar with theirs.
“I know that with their extensive experience in the sector, their hands-on approach and passion for their business they will make a great success of this new venture.”
