OakNorth Bank completes bespoke facility for Dumbleton Hall Hotel acquisitions
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 and within the Cotswold AONB, Dumbleton Hall was built in the the mid-1800’s as a classic stately home, before becoming a hotel post WWII. The hotel currently has 39 rooms, a wide variety of event spaces and 19 acres of gardens, woodland and lake. With spectacular views over the Cotswold hills, the hotel is located only a short drive from the M5 motorway and within an hour’s drive from large cities including, Bristol and Birmingham.
The project, which will see the hotel upgraded from a three to a four-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. Specialising in residential, mixed-use and hotel schemes, Chatham Park Development endeavours to create physically attractive and well-functioning built environments that enhance and strengthen communities. 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 & President of Chatham Park Development, says: “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. The fact that Marcus and Steve are locally-based meant they had a clear understanding of the region and in-depth knowledge of its hotel sector. We were also impressed by the pragmatic manner and speed in which the team operated which is not like anything we’ve experienced with other lenders.”
Marcus Hook and Steve Mitchell, Directors of Debt Finance at OakNorth Bank, adds: “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 four-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.”