Octopus Property provides £8.1m refinancing facility for Manchester Hotel
Specialist property lender Octopus Property has provided a subsidiary of the BH Group, the developer and operator, with a 3-year £8.1m loan to refinance the newly developed Hotel Indigo Manchester in the city centre.
This represents the second time Octopus Property and BH Group have worked together.
Nick Westoby, fund manager at Octopus Property, said: “Working with repeat borrowers continues to be an important part of our philosophy, with the significant growth of Octopus Property in recent years built in part on leveraging our established client relationships.”
The 187-bed hotel was completed in Q4 2018 and has a 20-year franchise agreement with global hospitality firm InterContinental Hotels.
The hotel opening also brings with it the Mamucium restaurant, a 120-cover restaurant and bar. The head chef Andrew Green moved from the Lowry Hotel in Manchester, where he achieved Double AA Rosette recognition and a mention in the 2018 Michelin Guide.
James Houlston, BH Group, added: “The development of the hotel has not been straightforward but it is now trading, and the reviews so far have been reward for all the hard work.
“The Manchester hotel market is the second most mature in the UK behind London and the addition of the InterContinental franchise and the exciting new Mamucium Restaurant makes for exciting years ahead.
“This is our second loan with Octopus Property and its appetite and ability to understand both our intentions and the property fundamentals is refreshing. Octopus’ professionalism makes for invaluable reassurance to all parties involved and we very much look forward to completing future loans together.”
Situated opposite Manchester Victoria Station, the location benefits from its close proximity to a number of major Manchester landmarks including the Manchester Arena, the Arndale Shopping Centre, the Printworks entertainment venue and the National Football Museum.
Building on the record £800m lent in 2018, Octopus Property continues to see opportunities to provide a range of loans across both mainstream and alternative sectors in England and Scotland.