A multi million pound tranche of funding has been agreed to further develop luxury hotel Raithwaite Hall Country Retreat. Grosvenor Financial Consultants is preparing the loan to develop other areas of the 80 acre estate following the completion of the hotel at Sandsend, near Whitby in North Yorkshire.
York-based Grosvenor originally provided £7.2m for Skelwith Group to buy and develop the 45 bedroom hotel.
The new funding, of up to £10m, will be used to add more luxury accommodation and residences as well as further land for the estate for future expansion.
Mark Pepper, director of Grosvenor Financial Consultants, said: “Extending the funding for Raithwaite Hall will allow Skelwith to further develop other opportunities within the Raithwaite estate and add further value for the company and investors.”
Grosvenor uses Self Invested Personal Pension’s (SIPP’s) to help fund property development in the UK.
Mr Pepper added: “Many of those who have invested in the development at Raithwaite Hall through their SIPP have already been to stay at the hotel and have been very impressed with what Skelwith has accomplished.
“The extended loan will allow Skelwith to further expand the hotel through developing other high quality buildings within the grounds, whilst also offering attractive terms to our investors through a secure agreement.”