Hotel secures £10m for major extension
THE company operating a Best Western hotel in York is planning a major extension after securing a £10m loan.
Lanos (York) Ltd has agreed the deal with ICG-Longbow’s Secured UK Property Debt Investments business.
The loan, which matures at the end of 2018, is secured against the 99-bedroom Best Western Monkbar hotel in St Maurice’s Road.
A major refurb and a 27-bedrom extension are now planned.
ICG-Longbow, a London-based investment manager, said the completion of the loan meant it had invested £97.2m of the debt investment funds, or 94.9% of the available capital.
