Topland agrees £20m hotel loan

Oct 2014

FINANCE: Topland has made a £20m loan to Marick Capital for the development of a 190-bed hotel in Docklands.

The hotel is understood to be a Hampton by Hilton, between Excel and City Airport.

The project has a gross development value of £35m and is part of a new leisure quarter that features three hotels. These are a 131-bed Travelodge and a four-star hotel on which construction is due to begin shortly.

Topland’s executive chairman Sol Zakay said: “Topland now has a portfolio of 30 directly owned hotels and we continue to see value in this sector and have ambitious expansion plans.

“In addition, as a lending business we recognised the potential in the sector and the funding gap that exists, with banks still showing very little appetite for hotel development funding. As you would expect, Topland has capitalised on the opportunities which this presents.”