Our team: Julian Lewis
Fladgate LLP has advised on the recently launched five star Hoax Hostel in Liverpool, which was featured in both the FT and Property Week in April.
Launched by Starboard Hotels and Bridgepoint Ventures, this project is an example of invidual investors structuring a transaction in such a way as to obtain Business Premises Renovation Allowance (BPRA) relief, assisting in unlocking a development that had previously proved difficult to fund.
The 282-bed hostel, which is due to open in July, is situated opposite the world famous Cavern Club, which used to regularly play host to the Beatles and will feature a a trendy Brooklyn-style bar and restaurant on the ground floor.
The hostel chain business is the result of a joint venture between Starboard Hotels and Union Hanover, funded by Bridgepoint Ventures and IPIN Global. The group is expected to invest more than £100m opening in cities such as London, Bristol and Glasgow in the UK and across Europe. Starboard has stated that it will seek disused retail and office buildings in prime central locations close to a main national rail stations.
The Fladgate team was led by corporate partner Julian Lewis.