Thai Square Hotels, part of Rossmoregate Group, has revealed it has secured a £5.5m loan from Oaknorth Bank to help fund its expansion in London
The group is known for Thai Square Restaurants, a chain with 15 Thai-themed restaurants in London and the south-east. Thai Square was founded in 1996 by serial entrepreneur, Haim Danous, when the first branch opened on The Strand in central London.
Since then, he has expanded the group’s portfolio to include hotels and other property investments. The capital from OakNorth Bank will be used to refinance an existing loan on Hotel Indigo London – Tower Hill, a 49-bedroom, four-star hotel which has been managed by InterContinental Hotels Group (IHG) since 2013.
Prior to the pandemic, the hotel boasted a 94% occupancy rate. The hotel is located within walking distance of popular tourist attractions including: the Tower of London, Tower Bridge, Lanthorn Tower and the Shard.
The loan from OakNorth Bank will also support future growth in Thai Square Hotels’ portfolio as it seeks planning permission to open additional hotels in London.
Haim Danous, director of Thai Square Hotels, said: “With the UK easing out of lockdown and hotels allowed to re-open this month, we’re hoping to return to pre-Covid occupancy levels later this year.
“While international and business travel will likely remain muted for some time, we expect to see strong demand from domestic travellers who will be attracted by the hotel’s central location and sizeable rooms.”
He added: “In the meantime, we’re seeking planning permission to expand our hotel portfolio in London, so there will no doubt be further opportunities to work with the OakNorth Bank team. We found their entrepreneurial and commercial approach refreshing and appreciated the time they took to understand our business. There were no off-the-shelf solutions or computer-says-no decisions.”