Shiva signs £62m financing deal for Middle Eight hotel ahead of opening

Shiva Hotels has signed a £62m financing deal with Bank Leumi UK towards its Middle Eight hotel in London's Covent Garden ahead of the property's opening in May.

The London-based subsidiary of Israel's international bank has closed a deal with Shiva to finance the development of the new sustainable luxury lifestyle hotel, which is set to have 180 bedrooms, 12 suites and multiple food and beverage outlets.

Leumi also funded the group's other under-development hotel, the Guardsman, which is set to open in London's St James's in June.

Louise Gillon, head of hotel finance at Leumi UK, said: "This latest development with the team at Shiva Hotels perfectly represents the type of transaction our hotel finance team is looking to fund. Thanks to the boutique nature of the bank, we are able to offer more flexible facilities compared to others in the market – giving us the freedom to support innovative, sustainable projects such as Middle Eight."

Rishi Sachdev, managing director, Shiva Hotels, said: "Leumi UK was a natural fit for us having successfully partnered with them on a number of previous projects. They have a solid understanding of our business and were able to tailor the facility to suit our needs in a quick, efficient manner that will see Middle Eight open its doors to the public this May."

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