Ham Yard Hotel owner in £120m refinancing bid

The owner of the boutique Ham Yard Hotel in Soho, W1, is seeking £120m to refinance the existing debt secured against the hotel to fund its development pipeline. Tim and Kit Kemp’s boutique hotel chain Firmdale has instructed JLL to find fresh funding for the 91-bedroom hotel just off Regent Street. The hotelier is seeking a seven-year loan at a 60% loan-to-value, implying a valuation of £200m. Firmdale acquired the 0.75-acre plot from receivers to Windmill Developments for around £30m in 2009 and completed the development in 2014. The scheme also includes 24 flats, 13 shops and a restaurant and rooftop bar. The refinancing forms part of a wider strategy for the group to raise money to fund future development projects. Firmdale is also re-financing the Whitby Hotel and the Crosby Street Hotel in New York through JLL in a parallel process. Firmdale is planning on opening a third New York hotel and is preparing to submit plans to Southwark council to turn a former car pound on the Old Kent Road, SE15, into 250 flats. It is also understood to be exploring opportunities to extend the Soho Hotel on Richmond Mews, W1, by acquiring neighbouring properties which could be converted into additional ancillary space and bedrooms.