Plans for a new upscale boutique hotel in Coventry have taken a step forward today, with news that a funder has been secured.
Castlebridge, the team behind plans for Hotel Indigo Coventry, a 100-room boutique property at Friargate, close to the railway station, has secured Metro Bank as a partner and is now working on plans that mean work could start early next year / spring next year.
Jenna Dienn said, “We are committed to bringing our unique style hotel to Coventry. We’d like to have been on site already, but the hospitality sector has taken a big old hit in the last 18 months. However, we see the absolute potential of this site, of the Friargate development and of Coventry which we believe is a city with bags of potential and set to bounce back strongly.
“We have spent the last few months working behind the scenes to secure a funding partner and against such a challenging economic backdrop I think it tells you everything about the belief in this hotel in this location that we have been able to secure a funder.
“The next step will see us working on plans to ensure we can start on site as soon as possible.”
The new build project for this five storey, 100-room hotel by Castlebridge brings IHG Hotels & Resorts’ boutique Hotel Indigo brand to Coventry. The property will also include a restaurant, bar and mini-gym creating 40 full-time and 15 part-time jobs.
The hospitality and leisure industry has faced major challenges during the coronavirus pandemic. The British Business Bank’s own data reveals that nearly £8bn of Government-backed loans went to businesses operating in industries such as the arts, entertainment, recreation, accommodation, and food services. The question of what banks and other lenders can do to help the hospitality sector is more vitally important than ever before.
Nicholas Kalamaras, Head of Hospitality & Leisure at Metro Bank commented: “The past 18 months have posed some of the most significant business challenges we’ve seen in generations, especially for the hospitality sector. We’re thrilled to partner with Castlebridge and assist them with funding to bring this new Hotel Indigo development to life.”
Castlebridge were advised by Hugh Anderson, Director of Hotel + Leisure commented “It is great to see such an exciting project for Coventry moving forward in the face of a challenging market and we are delighted to have assisted in the process. It is expected that market demand will accelerate again from Q2 2022, with the return of tourism, international and domestic business and events that should coincide with the hotels opening”.
