Pluto Finance has provided a €15.4m (£13.5m) loan to leading UK developer SevenCapital to revitalise the Royal Angus Hotel and deliver 161 new serviced apartments to Birmingham city centre.Construction is now underway on the former 186-bedroom hotel, with the project set to deliver the conversion and extension of the building into an aparthotel, including 84 studios, 71 one-bedroom and 6 two-bedroom apartments.
The aparthotel, which is anticipated to launch in late 2023, will be an expansion of SevenCapital’s existing hospitality business, which includes the four-star Park Regis Hotel within the Five Ways area of the city centre, close to Edgbaston.
Damien Siviter, group managing director at SevenCapital, said: “We have worked incredibly hard to deliver a scheme which will transform the Royal Angus Hotel and provide high quality, desirable accommodation which will appeal to a wide range of tourists and business professionals, for both short and longer stays. We are pleased to have Pluto Finance’s support and look forward to bringing this exciting new city centre project to fruition.”
Guy Norman, lending director at Pluto Finance, comments: “There is a shortage of flexible, high-quality residential accommodation located in Birmingham city centre and this project will help meet strong demand from individuals and companies. We are delighted to have started a partnership with SevenCapital and we hope to support them on their future transactions.”