Shiva Hotels Group has agreed finance to build a new luxury hotel in London’s West End. The new 200 bed luxury hotel will include multiple restaurants located between Marylebone and Oxford Street on Welbeck Street and Marylebone Lane, Marylebone.
The finance has been secured through property investor Cale Street who have pledged £160 million to the project alongside Crosstree Real Estate Partners with a £70 million facility.
The acquisition of the Marylebone Hotel Lane site particularly attractive from its proximity to the new Bond Street Crossrail station.
The Marylebone hotel is one of three new luxury hotels in London being built by Shiva. Two other sites are also scheduled for development, a 12-storey hotel at Morley House in the City of London, and the former Soho Works site at Great Marlborough Street and Poland Street.
Rishi Sachdev, MD, Shiva Hotels was delighted saying that the financing was a major milestone for the development. He added: “This is a challenging time for everyone involved in the hospitality sector and our near-term focus continues to be on working closely with all our stakeholders to navigate through this period of uncertainty.”
Longer term, however, we are steadfast in our conviction that the global appeal of London will continue and that this will translate into strong demand for our carefully curated hotels in highly desirable locations.”
The hotel is a major new project and is due to be completed and open in Spring 2023.