Metro Bank has today announced that it has provided Pearl Hotels with a £20.5m commercial loan to refinance existing borrowing and expand its Holiday Inn in Gatwick, West Sussex.
The Group, which also operates a Holiday Inn franchise, will use the funds to enhance the facilities at its Gatwick location including the addition of a further 40 bedrooms and new conference facilities to better service the demand in the area.
Mark Stokes, Managing Director of Commercial Banking at Metro Bank said: “We’re thrilled to support the development of Pearl Hotels. Championing business growth is something we’re incredibly passionate about at Metro Bank and we’re committed to our role in helping the business to flourish in a crowded hotel market.”
Zahir Somani at Pearl Hotels Group added: “Metro Bank has been very professional in their approach, with the refinance process going through very smoothly, and in fact have been very supportive of our expansion plans altogether.”
Pearl Hotels was founded by Zahir Somani with the development of the Holiday Inn Express in Slough in 2005, followed by The Holiday Inn in Gatwick Worth. Both hotels have benefitted from significant investment to enhance the guest experience.