Cohort Capital has successfully concluded a £73 million refinancing agreement with a Qatari-based group for the esteemed NoMad Hotel located in London’s historic Covent Garden. This iconic 91-bedroom boutique hotel, set within an 18th-century Grade II listed building, previously functioned as the Bow Street Magistrates Court and Police Station.

After comprehensive refurbishments between 2018 and 2020, the 170,000 sq ft building was repurposed to house a hotel, restaurant, bar, and museum. The hotel’s management will continue under the aegis of the Sydell Group, a renowned operator of the US-based NoMad, among other distinguished hotels.

Bal Sohal, the executive chairman of Cohort Capital, emphasised the firm’s robust private capital backing, which facilitates them to offer flexible debt structures for sizeable loans. He highlighted the increasing demand for private specialists like Cohort Capital, particularly as mainstream high street banks present more challenging terms. Sohal expressed confidence in the NoMad hotel’s ongoing prosperity, citing its location in what he described as “London’s prime tourist and cultural hotspot.”

Echoing Sohal’s sentiments, Matt Thame, CEO of Cohort Capital, noted the diminishing involvement of banks in the real estate debt markets. Thame identified this trend as an opportunity for Cohort Capital to carve a niche in the property finance market. He further accentuated the significance of judicious selection in sponsorships, strategies, and asset locales, given the evolving market dynamics. Thame underscored the robust performance of rooms at the NoMad and lauded its compelling food and beverage proposition.

The NoMad hotel’s refinancing deal underscores Cohort Capital’s proactive stance in the property finance market and their commitment to supporting iconic and invaluable real estate properties in prime locations.