OakNorth wraps landmark deal

UK challenger bank, OakNorth, has completed its largest deal since launching in September 2015: a £21 million loan for the development of a new hotel, L’Oscar, in central London, set to open its doors in early 2018.  The hotel is being designed by Jacques Garcia, the man behind Hotel Costes in Paris, as well as the Nomad hotel in New York and Vagabond Hotel in Singapore.

Ben Barbanel, Head of Debt Finance, and Deepesh Thakrar, Debt Finance Director at OakNorth, comments: “We’ve worked on a number of hotel deals since our launch in September 2015 – the development of a 200-bedroom aparthotel in Liverpool, the acquisition of the Ramada Plaza Southport Hotel, the merger between Whittlebury Hall and Whittlebury Park – but this is the first we’ve done in the hotel development space.  We look forward to the opening of L’Oscar.”

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