Fladgate LLP has advised Snow Hill Developments LLP on the development of Kennedy Tower in Snow Hill, Birmingham (also known as 1 Snow Hill Plaza). The Tower will be developed into a Holiday Inn Express which will be managed by Fladgate client Sanguine Hospitality Limited under a franchise agreement from IHG.
This is the latest deal for Fladgate’s hotel team with corporate partner Julian Lewis advising Snow Hill with assistance from real estate partner Matthew Williams and banking partner Kim McMurray.
Total funding of £23m has been raised for the project. Equity was raised from a syndicate of private investors by Downing LLP and debt has been provided by The Co-operative Bank PLC. Investors will be claiming relief under the business property renovation allowance (BPRA) in relation to costs involved in the refurbishment of the building.
Fladgate has acted on a number of transactions that have enabled investors to claim BPRA relief and are advising on further projects that are due to complete before the end of this year.