The new owner of Dumbleton Hall hotel plans to redevelop the property and upgrade it from a three- to a four-star establishment, as well as taking it from 39 to 44 bedrooms and adding more event space.
The Grade II-listed property in the Cotswolds will be operated by Bespoke Hotels when it reopens, having been acquired by US-based Chatham Park Development last month.
OakNorth Bank has provided a bespoke finance facility to support the acquisition and redevelopment of the hotel.
Paul Vezolles, founder and president of Chatham Park Development, said: "Dumbleton Hall has a unique and extensive history, so it is our privilege to be breathing new life into the estate in a way that preserves its historical significance while bringing it up to modern expectations. With every project we work on, we always look to create and deliver the most desirable outcome possible for all stakeholders – with our redevelopment of Dumbleton Hall being no exception to this rule."
Marcus Hook and Steve Mitchell, directors of debt finance at OakNorth Bank, added: "With ongoing restrictions as a result of Covid-19, there is pent-up demand in the UK for both staycations and weddings. This will continue well into next year as countries worldwide decide what to do in terms of Covid passports, quarantines, etc.
"Given its popular location for tourists, its four-star-plus upgrade, additional rooms and events space, and the fact that it will be operated by a leading hotel group, Dumbleton Hall is in a prime position to maximise on this trend. We very much look forward to watching the redevelopment take place and hope to work closely with Paul and the team again in the not too distant future."
Chatham Park Development was advised on the transaction by David Grant of Axis Commercial Finance.
Dumbleton Hall dates to 1534 and was rebuilt in the late 1800s. It was acquired for hotel use by Post Office Fellowship of Remembrance in 1959 and had been brought to market for the first time in 60 years.