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4C Hotel Group brings The Westin London City & Residences to the Square Mile following £52M investment facility from OakNorth Bank

FOR IMMEDIATE RELEASE: OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has provided a £52M investment facility to 4C Hotel Group for its new Westin London City & Residences.

Founded in 2010 and building on the foundations of a family property business that stretches back to the 1980s, 4C Hotel Group manages and develops properties, largely hotels, in key business districts and leisure hot spots across the UK, Middle East, Africa and Canada. Headquartered in London, the business’ mission is to create sustainable, profitable growth through the delivery of positive guest experiences, innovative processes, quality partnerships and a commitment to provide opportunities for personal and professional development. It has a portfolio of 13 hotels with a further development pipeline of over 500 rooms over the next 2-3 years. The Group was founded by Bashir Nathoo, an experienced hotel developer and operator, with over 25 years of experience in the industry. Bashir, together with his son and 4C Managing Director Al-karim Nathoo, continue to drive the strategic direction and global growth of the business.

The new hotel, which is the first Westin Hotels & Resorts in the UK, has 222 guest rooms including 10 suites, a 4,000 sq. ft. Heavenly Spa complemented by an indoor swimming pool and the WestinWORKOUT® Fitness Studio. Dining options include Hithe + Seek, a riverside wine bar and Mosaic, a convivial all-day dining restaurant. Spread across 11,000 sq. ft., the ultra-modern meeting and event spaces includes a ballroom and five meeting rooms. Meanwhile, the residences consist of nine 3-bedroom riverfront apartments with access to several of the hotel’s services including: dry cleaning, bars and restaurants, Heavenly Spa, the WestinWORKOUT® Fitness Studio and many more. Westin London City stretches from Queenhithe Dock – the oldest in London – to Upper Thames Street, giving it a prominent position over one of the primary arterial routes through the City of London. It is a stone’s throw from several attractions, including: the Globe Theatre, Tate Modern, National Theatre, Royal Festival Hall, and St Paul’s Cathedral.

Commenting on the transaction, Al-Karim Nathoo, said: “Given our existing portfolio and future pipeline, we have worked with numerous lenders over the years and OakNorth is a new relationship for us. We have very much enjoyed OakNorth’s entrepreneurial approach from speaking directly with their Credit Committee to discuss our proposals, to the speed at which they were able to deliver the financing package as a result of their flat structure and direct access to decision makers within the organisation.”

Hilton Foster, Director of Debt Finance at OakNorth Bank, added: “While it’s difficult to forecast the near-term fortunes of the UK hotel market, domestic leisure demand is expected to lead the recovery in the sector, with markets which traditionally receive a greater share of domestic tourism seeing occupancy recover first. Given its central location close to a number of top tourist attractions, wide range of amenities, and the fact that it’s operated by a highly-regarded team under an international brand, we expect the new hotel to see strong demand from both corporates and tourists. Similarly, the residences with their river-facing views and proximity to The City will no doubt attract attention from Square Mile high-flyers and property investors both locally and abroad. Under the leadership of Bashir and Al-karim, 4C has become an exceptionally strong, international business with a proven track record of delivery and an ambitious pipeline for the future.”

OakNorth Bank was introduced to the deal by David Yeadon, Executive Director of SPF Private Clients.

 

ENDS

Notes to editors

PHOTOS AVAILABLE ON REQUEST

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit www.oaknorth.co.uk for more information.

Contact

Valentina Kristensen, Director – Growth & Communications: valentina.kristensen@oaknorth.co.uk / press@oaknorth.co.uk / 0757 234 9009

 

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