Warwick 181-bed hotel purchaser secures £9 million loan to buy and refurbish
Valary Hotels, which was only incorporated in February this year, has secured a £9 million loan from OakNorth Bank to buy and refurbish the hotel formerly known as Hilton Warwick/Stratford-upon-Avon.
The hotel is currently operated as the M40J15 Warwick Hotel, but will rebrand in September as Delta by Marriott Hotel and be managed by Countrywide Hotels, which manages around 30 hotels across the UK.
In addition to its 181 bedrooms, the 4-star hotel has a 200 seat restaurant, 80-cover lounge bar, meeting and function rooms, gym and parking for 200 vehicles.
Rajiv Nathwani, the CEO of Valery Hotels, said: "OakNorth Bank was able to put together a facility that captures the acquisition and refurbishment of the hotel, allowing us to focus on responsitioning and refurbishing the site. Unlike many lenders, a single facility was provided resulting in us being able to go from a Hilton to a Delta by Marriott in under six months and will allow us to undertake the heaviest part of the refurbishment whilst the hotel is not yet running at full capacity. This was crucial to ensure we'll be ready to rebrand in September just in time for the start of the post-summer conference season."