London real estate development and investment group, Dominvs Group, has secured funding, totalling £89 million, for the development of a new Hampton by Hilton hotel in London’s Aldgate and the financing of the Courtyard by Marriott hotel in Oxford.
In the City of London, £48 million of funding secured from Coutts, will allow the development of a new 118,000 sq ft hotel at 12-20 Osborn Street. The former Arbor City Hotel at was purchased by Dominvs Group in 2018 and planning was subsequently granted for a new larger hotel on the site. Practical completion of the 278 bedroom scheme scheduled for 2023.
In a separate agreement, £20.5 million was secured by Dominvs, from Clydesdale Bank, to refinance the funding of the development of the Courtyard by Marriott in central Oxford, which was completed in July 2019. An 11-room extension was opened in early 2020. Despite the pandemic, the hotel achieved over 50% occupancy rates during the summer of 2020.