Developers secure £34.3m loan for 15 Old Bailey hotel

Plans to turn London's 15 Old Bailey back into a hotel are to move forward after developers secured a £34.3m loan from OakNorth Bank.

The site is to be converted from an office space back into a 110-bedroom luxury hotel with a speakeasy-style bar, Levantine-inspired restaurant, and a gym.

It is being developed as part of joint venture between Boscalt Hospitality, a subsidiary of Edmond de Rothschild group's private equity arm, and a property business founded by entrepreneur Alex Shamash.

15 Old Bailey was originally built as the Holborn Viaduct hotel in 1874 and was the first hotel in London to have electric lighting, but was converted to offices in the 1900s.

Liza Masías, of Boscalt Hospitality, said: "We're excited to bring this new hotel concept to market whilst preserving the building's unique legacy and its 19th Century features.

"The hotel integrates the best market standards of sustainably and will feature a speakeasy bar and Levantine open kitchen restaurant concept."

Deepesh Thakrar, senior director of debt finance at OakNorth Bank, said: "With hospitality and occupancy levels anticipated to return to pre-pandemic figures over the next 12 months or so, we expect this hotel to be a welcome and successful addition to central London's tourism scene."