Milton Keynes: 3 December 2019 – A popular country hotel, the DeVere Horwood Estate, is
set to become a four-star boutique independent hotel following an acquisition and new
injection of finance from Cynergy Bank.Ziz Properties Ltd, which is owned by highly experienced hotelier, Karim Kassam, purchased
the 185 room Horwood House Hotel in Buckinghamshire from Starwood Capital. The hotel
will be run by Kassam’s management company, ZIZ Hospitality Ltd. Kassam’s plans include
refurbishing the rooms, increasing the number of suites and upgrading the restaurant, bar
and reception area. The plans also include improvements to the pool and spa, and
upgrades to the existing event spaces and the creation of a new additional wedding venue.
The hotel will be repositioned as the Horwood House Hotel, taking it back to its historical
origin.
Horwood House Hotel is set in 38 acres. It is a full-service hotel, with a 200-cover restaurant
and 35 meeting and event rooms. With its distinctive russet bricks imported from the
Netherlands, the mansion house was built in 1911 as a country residence for the Denny
family. The house was the birthplace of Percy Thrower, his father was the estate’s head
gardener, and the grounds included the manicured Pytheas Garden complete with its lily
pond.
Cynergy Bank provided a £10m loan over five years to assist with the acquisition with a
further £2.05m loan over 18 months to help fund the refurbishments.
Karim Kassam commented: “The whole process of financing went smoothly and quickly,
and this deal allows Ziz Properties to transform what was a good country hotel – into a great
one. I am so pleased Cynergy Bank shared my vision for what Horwood House could
become – a leading country hotel destination in the UK.”
Ravi Sidhoo, Managing Director, Cynergy Bank Private & Business Banking
commented: “Karim’s plans for Horwood House are exceptional. His experience and vision
is supporting the local economy beyond the hotel that are set to benefit from the
refurbishment – not only in terms of contractors, but ongoing employment. At Cynergy Bank
we pride ourselves on working with our clients to understand their business needs and
aspirations. With our local, seasoned relationship managers, we quickly learn our client’s
needs, we understand the market and, unlike mainstream lenders, can deliver certainty at
speed.”