The Belvedere Hotel in Clapham, London, is set to sign a franchise agreement with Accor to be branded as an Ibis Styles after securing a £4.45 million finance package with Santander Corporate & Commercial. The Belvedere Hotel will undergo a significant refurbishment programme to meet the Accor brand standards, including renovating the bedrooms and public areas and the installation of two lifts. The work starts in November and is set for completion by February.
Gauhar Nawab founded the Eurohotel Group, the operator of The Belvedere Hotel. He established the business in 1970, and today owns and operates nine budget tourist hotels in Greater London. The day to day running of the business is now managed by Gauhar’s son, Meher Nawab. Meher is driving the group’s franchise strategy with Accor, with two of the group’s portfolio already operating under the Ibis Styles brand, and a further four in the pipeline.
Meher Nawab, Managing Director of the Eurohotel Group, said: “We are really pleased that we have been able to gain the funding to be able to move the business forward. By refurbishing the hotel we have the opportunity to raise its rating to three stars and bring in a wider clientele.”
Keith Wilkinson, Relationship Director for Santander Corporate & Commercial, said: “We are delighted to be able to support Gauhar and Meher on their venture to turn this hotel into a major, recognised brand and we are confident that the refurbishment of the hotel will be a great success. It is wonderful to be able to assist the growth and development of the group as they look to franchise further hotels.”