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Cain International finances Aparthotel Canary Wharf with a €83.3m loan

The Canary Wharf Aparthotel is a project undertaken by the Canary Wharf Group and Edyn, the hotel group that created the Locke brand. It is financed with a loan from the private real estate investment company Cain International.

 The Aparthotel Canary Wharf will be located in Wood Wharf - London in the new Canary district, away from the local businesses and connected to the rest of London by the Jubilee line, the DLR, the Thames Clipper and the new Crossrail Elizabeth line.

The new aparthotel will have 279 rooms including 194 studios of approximately 25 square meters and 85 apartments equipped with kitchen and living space. Guests will be able to take advantage of a fitness studio, a café and bar, a rooftop restaurant, private meeting and event spaces, a shared work area and 300 square meters of retail space. 
Work will be carried out by Canary Wharf Contractors. It started in December 2020 and is expected to be completed in 2023.

Matteo Milan, director of Cain International, said :

We remain confident that hospitality assets which deliver the right offering to their local market will recover quickly in a post-Covid environment and are pleased to bring the sort of high-quality aparthotel space that Locke will provide onto our loan book. We anticipate that aparthotels will experience a particularly pronounced uptick in performance as businesses look for a more cost-effective alternative to hotels and as increased flexible working might lead more individuals to live further out from city centres, increasing the need for occasional overnight stays or accommodation when working on a specific project.

Merzak Kaddour, Director of Investments at edyn, commented :

Our robust business model, twinned with our well-structured and deliberate funding strategy – working with agile, specialist lending partners with a thorough understanding of the sector – has allowed us to navigate the challenges of the pandemic and push forward with our European growth. As business travel continues to evolve, Locke’s lifestyle aparthotel concept is poised to capitalise on the demand for flexible, self-sufficient, and well-designed accommodation, and we are excited to bring it to the Wood Wharf development.

Neil Kermode, Director of the Canary Wharf Group, added : 

The new aparthotel will be a great addition to the community we are creating at Wood Wharf. We already have people living at Wood Wharf enjoying the green spaces, boardwalks and waterside living. This new community in East London will also include office buildings, designed by some of the world’s leading architects, street level retail, a primary school and NHS medical centre.

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