Orca Holding subsidiary receives £26.3m loan to merge two hotels in London

28 June 2023 by
Orca Holding subsidiary receives £26.3m loan to merge two hotels in London

Specialist property lender Leumi UK has agreed to deliver a £26.3m loan to Zorca Holding for the acquisition and merging of two Georgian hotels in London's Bloomsbury.

Zorca Holding, a subsidiary of the investment company Orca Holding, will refurbish two Grade II-listed assets near the British Museum into a single 74-bedroom hotel with a bar, restaurant and events space, scheduled to open in late 2024.

It marks Leumi UK's second deal with Orca Holdings since it provided funding for the acquisition of the Zetter Group hotels.

Laith Pharaon of Orca Holding said: "The London hotels market has proved itself to be incredibly robust in the aftermath of the pandemic and in the face of difficult macroeconomic headwinds, with high-end hotels in particular proving remarkably resilient to inflation. Despite the increase in VAT, London has continued to deliver its highest level of profitability since the start of the pandemic."

Orca's past investments include Hyatt and Four Seasons-branded projects in Latin America and the Six Senses resort and spa company in Asia.

CBRE acted as valuers, while Bird and Bird acted as Leumi UK's legal counsel for this transaction.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking