Hotel La Tour Milton Keynes secures £22m funding

The development of the new 261-bedroom Hotel La Tour in Milton Keynes has secured £22m of funding.

The four-star hotel, which is set to become one of the tallest buildings in Milton Keynes, will include a rooftop bar and restaurant, 10 conference rooms holding up to 300 delegates, and a gym. It is due to open in 2022.

Planning approval was given two years ago to turn the former coach car park into a 14-storey hotel. The first and only Hotel La Tour opened in Birmingham in 2012, the first of what was declared to become a group of five hotels within five years. The hotel was acquired by the Dalata Hotel Group in 2017 and rebranded as a Clayton hotel.

The Hotel La Tour team was advised by Shoosmiths banking partner Liz Sweeney on the development finance deal with associate Chantelle Dabek, as well as real estate partner James Needham and solicitor Iyanu Onalaja on the leasehold.

Sweeney said: "We were pleased to deliver this work for Hotel La Tour in around six weeks, compared to up to around 12 weeks typically for this type of transaction in the legal services industry."

Managing director of Hotel La Tour Mark Stuart said: "It has been a pleasure to work with Shoosmiths on the legal side of both development financing and the site's leasehold as we progress our exciting new landmark hotel project."

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Dalata agrees sale and leaseback of Hotel La Tour (Birmingham) >>