Deepesh Thakrar

OakNorth Bank lends £9m for new hotel development near Gatwick Airport

OakNorth Bank has provided a £9m property development finance facility to developer and UK hotel manager Nine Group.

The Menzies Chequers Hotel in Horley, Surrey, will be converted into a new four-star Marriott-branded hotel with permission for 131 bedrooms as well as its own restaurant, eight event rooms and 200 parking spaces.

Nine Group currently has 11 hotels under its portfolio, with this new establishment being its first to target travellers from Gatwick.

“The Menzies Chequers Gatwick building has a long history dating back to the 1500s when it was a coaching inn during the Tudor period,” said Vivek Chadha, founder and managing director at Nine Group.

“It was serving travellers all that time ago, so we’re excited to be restoring it to its former glory and bringing the unique Nine Group approach to the design.”

Deepesh Thakrar, senior director of debt finance at OakNorth (pictured above), added: “We have successfully completed a number of transactions in the hotel space — from small boutiques such as Bike & Boot to modern city chains such as Z Hotels, and large operators such as Starboard Hotels.

“Vivek and his senior team have an extensive track record and a fast-growing portfolio with some of the most recognisable brands in the world.”

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