A Holiday Inn hotel off London’s Oxford Street is to get a £34 million makeover in a bid to reposition the property as an upscale boutique hotel.

The Holiday Inn London Oxford Circus is located on Welbeck Street in the capital’s Marylebone district, around half a mile from Oxford Circus Underground station.

Juniper Hotels Holding Limited has been lent the sum by Leumi UK to fund the acquisition of the leasehold interest and refurbishment of the Edwardian property.

As part of the works the number of rooms at the hotel will be increased to 171.

According to the IHG website the hotel features six new air-conditioned conference rooms, as well as a fitness centre, all day dining Oliver’s restaurant and lobby bar The Londoner.

Soraya Shamji, hotel consultant at Leumi UK said that “The outlook for well-specced assets in central locations is positive as consumer demand and investor interest in hotels rebounds from the pandemic”, while David Yeadon, executive director real estate debt advisory at SPF Private Clients, commented:

“We are delighted to have provided assistance to our long-standing client in relation to the successful financing of this new London venture. Leumi UK’s sector expertise and relationship-focused approach has been pivotal to this project.

“Prime Central London hotel assets have rebounded spectacularly, and in the safe hands of Westmont Hospitality the purchase and re-positioning of this hotel is bound to be a resounding success.”