Some of the most iconic and luxurious hotels in the world are undergoing renovations and updates to ensure their continuing success in the hospitality industry. The right hotel financing options are critical to provide financial support for these major projects. Many large-scale renovations and reconstructions are occurring in the hotel industry this year.
The Hotel Okura in Tokyo
A landmark location next to the U.S. embassy in Tokyo, the Hotel Okura began reconstruction in 2015 and is expected to reopen in September 2019. The project is estimated to cost $979 million and will feature two new towers with a combined total of 18 stories worth of office space.
The Mandarin Oriental in Hyde Park, London
With a grand reopening date sometime in Spring 2019, the Mandarin Oriental will hope for better luck with this renovation project. After completing an upgrade and refurbishment project in 2018, the newly remodeled hotel was severely damaged by fire just one week after its opening. Three bars and a spa and fitness center opened in December 2018.
One Aldwych in Covent Garden, London
Another London property, One Aldwych in Covent Garden, will enjoy an update courtesy of designs by Robert Angell, a leading creative force in the hospitality industry. There is no word yet on the type of hotel construction financing chosen for the upgrade to the 150 rooms of this establishment. Four new suites and enhanced technological support are among the most important changes to this London icon.
The Grand Hotel Quellenhof in Switzerland
Closing in February 2019 and expected to remain offline for four months, the Grand Hotel Quellenhof is part of the Grand Resort Bad Ragaz. This is a popular stop for guests interested in spa treatments at the thermal waters of the Tamina gorge. Founded in 1869, the Grand Hotel Quellenhof is undergoing a much-needed update and renovation. The project is expected to cost about $42 million.
Raffles Hotel in Singapore
The renovations that began in 2017 are still underway at this instantly recognizable and iconic hotel. The Raffles Hotel will incorporate restaurants by famed chefs Anne-Sophie Pic and Alain Ducasse. The hotel will also feature soundproofed rooms and improved access to electric outlets. A careful balance has been struck, however, between the necessary upgrades and the classic aesthetic of this one-of-a-kind hotel.
At Stonehill, we offer innovative hotel loans designed to suit your needs and to help you make the most positive impression on your guests. We provide hotel financing for renovations, rebuilds and new acquisitions for clients in the U.S. and around the world. Call our office today at 713-666-2544 to discuss your hotel financing needs with us. We look forward to the opportunity to serve you.