This new project marks the third London hotel development supported by Virgin Money for Dominus and the seventh transaction overall. The teams have previously worked together on Lost Property, St Paul’s (also part of Hilton’s Curio Collection) and The Dixon, Tower Bridge (part of Mariott’s Autograph Collection). The bank’s bespoke funding package will enable Dominus to transform the former NatWest office into a high-quality hotel, enhancing the City of London’s hotel offering and contributing to the area’s economic vitality.
Dominus will be retaining and upgrading the existing building, as well as addressing and reducing embodied carbon through the re-use of materials. The business is targeting BREEAM “Excellent”, an industry-recognised certification, for the sustainability performance of the project.
Sahil Khagram, investment director at Dominus, said: “This funding supports our strategy of acquiring office buildings that are no longer fit for purpose, obtaining planning permission and carrying out sustainable developments in the living sector. We are excited to bring our next hotel project forward and add to our portfolio as owner operators”.
Shaun Talbot, senior director hotel & real estate finance at Virgin Money, said: “We are delighted to strengthen our relationship with Dominus in their latest venture. This project is particularly meaningful for me, as this building is where I began my career supporting hotel owners and operators. To come full circle and collaborate with the Dominus team on creating a new hotel in the City is very exciting.”
Virgin Money’s specialist Hotel & Real Estate Finance team offers tailored financial solutions to businesses across the hotel and real estate sectors. Further information can be found at uk.virginmoney.com/business/hotels/, or by contacting Dan Williams, Head of Hotel & Real Estate Finance, at dan.williams@virginmoney.com or 07826 917658.
