The developer behind a new 100-bed hotel in Ipswich has secured a £7.4m loan to help fund the project.
Daren Burney, founder of the Burney Group, is building a new Travelodge next to Ipswich Town Football Club.
He said the loan from OakNorth Bank meant the scheme - which also includes refurbishing retail warehouse space - could go ahead more quickly as it came in one package.
Burney Group, a family-owned developer, specialises in commercial and mixed use schemes across the UK. It has recently developed a 56-bed Travelodge in Boston, Lincolnshire, a Co-op store in Norwich and a Starbucks Drive-Thru in King's Lynn.
The Travelodge next to the Portman Road stadium will be five storeys and existing retail space on the site will be split into smaller units.
The hotel will consist of 63 double, 32 family, and five accessible rooms – as well as a 72-cover café and 60 car parking spaces.
Mr Burney said his company built and retained its developments.
"Following its launch in 1985 as the UK’s first budget hotel brand, Travelodge has become one of the largest and most well-recognised UK hotel brands, so we take great pleasure in bringing a new one to Ipswich," he said.
"Given the site’s proximity to the train station, town centre and Ipswich Town’s home ground, we expect demand for hotel rooms and the café to be high, especially on match days.
"Due to their expertise across both property and hotel trading deals, the team at OakNorth Bank were able to put together a bespoke deal structure, enabling us to acquire the site and develop the new hotel all under one facility.
"This has saved us a huge amount of time and hassle, and meant we could break ground on the development of the new hotel sooner.”
Max Saidman, associate director of debt finance at OakNorth Bank, said his business was delighted to once again support the Burney Group and looked forward to watching the development of the hotel and letting of the remaining warehouse units.
“Daren has over three decades’ experience in property development and investment. His leadership, coupled with the expertise of the team he’s built, has enabled the Burney Group to grow into a well-respected and highly successful business," he said.
"We are already looking forward to working with Daren on some of his other exciting projects in the near future.”
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