Oakdene Group has secured a £30m funding package with Royal Bank of Scotland to buy and redevelop the Montcalm Hotel in London’s West End.
The Grade II listed hotel, close to Hyde Park and Oxford Street, will be upgraded from a 4-star luxury hotel to a 135-bedroom luxury boutique hotel.
The £30m finance package includes a refinancing facility, for the initial purchase of the hotel, and a capital expenditure facility to support the refurbishment of the hotel.
Oakdene subsidiary Montcalm Holdings said there would be a complete renovation of the hotel including the atrium, gym, spa, restaurant and bar.
The new hotel is expected to open in late 2009.
