UK: Pluto Finance has provided a £13.5m loan to developer SevenCapital to revitalise the Royal Angus Hotel in Birmingham.
The city centre hotel had 186 bedrooms which are now being converted and extended into 161 new apartments in the city centre.
The aparthotel will offer 84 studios, 71 one-bedroom and six two-bedroom apartments.
Expected to launch late next year, the aparthotel will join SevenCapital’s existing hospitality business, which includes the four-star Park Regis Hotel in the Five Ways area of the city centre, close to Edgbaston.
Damien Siviter, group managing director at SevenCapital, said: “We have worked incredibly hard to deliver a scheme which will transform the Royal Angus Hotel and provide high quality, desirable accommodation which will appeal to a wide range of tourists and business professionals, for both short and longer stays. We are pleased to have Pluto Finance’s support and look forward to bringing this exciting new city centre project to fruition.”
Guy Norman, lending director at Pluto Finance, said: “There is a shortage of flexible, high quality residential accommodation located in Birmingham city centre and this project will help meet strong demand from individuals and companies. We are delighted to have started a partnership with SevenCapital and we hope to support them on their future transactions.”
SevenCapital is a leading UK developer focusing on residential and mixed use developments across the UK. Pluto Finance is a leading provider of finance for developers and investors, lending £2.5 billion since 2011.
Earlier this year plans for an aparthotel in a Grade II listed building Birmingham’s city centre were also approved.
