PPHE secures £180m funding for Art'otel London Hoxton

PPHE Hotel Group has secured the £180m funding required for the development of Art'otel London Hoxton in the capital.

It has announced that it has entered into a "syndicated facility agreement" with Bank Hapoalim B.M. to make up to £180m available to build the 343-bedroom hotel on Old Street.

The 27 storey building will include five floors of office space, a gym, swimming pool and wellness facilities and an art gallery space.

The total project costs remaining for the hotel are estimated to be £200m, and PPHE said that having already committed equity it does not expect a material outflow of cash until 2022.

PPHE president and chief executive Boris Ivesha said: "We are pleased to have secured funding to develop Art'otel London Hoxton with Bank Hapoalim B.M., which has been a long-standing partner of the group, funding several of our other key properties, including Park Plaza Westminster Bridge London which opened in 2010."