OakNorth Bank lends £9m to Nine Group for Gatwick Airport hotel

Eloise Hanson By Eloise Hanson
30 October 2019 | Updated 30 October 2019

UK: Nine Hotel Group will convert the old Menzies Chequers Hotel close to Gatwick Airport into a new 131-bedroom Marriott-branded hotel.

The new Four Points by Sheraton (Marriott), located in Horley, Surrey, will have its own restaurant, eight event rooms and 200 parking spaces.

The former Chequers Hotel has been closed since December 2013 after its parent, the Menzies Hotel Group, went into administration.

Nine Group, a developer and manager of multiple branded hotels in the UK, bought the property in 2017.

The company currently has 11 properties in its portfolio. These include the recently constructed Novotel Hotel at Heathrow Airport, the Holiday Inn at Watford Junction, and the DoubleTree by Hilton in Reading.

OakNorth Bank were introduced to the transaction by Mantra Capital.

Vivek Chadha, founder and managing director of Nine Group, said: "The Menzies Chequers Gatwick building has a long history dating back to the 1500's when it was a coaching inn during the Tudor period. 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. The new hotel will boast premium facilities for guests travelling to and from Gatwick Airport, whether that be for business or pleasure".

Senior director of debt finance at OakNorth, Deepesh Thakarr, 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 brans in the world. We look forward to watching the new hotel in Horley prosper and look forward to working with the team on future developments".

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