The Arora Group, led by billionaire hotels tycoon Surinder Arora, has agreed a £50m loan from OakNorth to target new investment opportunities arising from the Covid-19 pandemic.
The Arora Group specialises in property investment, construction and hotels under its three businesses: Arora Property, Grove Development and Arora Hotels.
It has a portfolio of 30 properties in the UK, including the Intercontinental at the O2, Fairmont Windsor Park and more than a dozen hotels at London’s Heathrow, Gatwick and Stansted airports.
Arora Group is one of the largest landowners at Heathrow Airport and is currently appealing the decision to block the third runway and new terminal at Heathrow West, following its bid to deliver the project estimated to cost up to £10bn.
In an interview earlier this year, Arora told EG he also planned to expand its UK investments.
Arora said: “Covid-19 has inevitably presented numerous challenges for our sector, but as we found during the 2008 financial crisis, unique opportunities arise in times of economic turmoil.
“This loan from OakNorth Bank provides us with the liquidity to take advantage of these opportunities and focus on playing for the upside, when many others will be distracted trying to protect the downside.”
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
