Led by company director and owner Jo-Anne Oldfield — who began working at the hotel aged 14 — the work to the Grade II listed building will include an expanded public lounge, accommodation updates, large maintenance projects, and upgraded wedding and events capabilities.
The 57% LTV commercial loan is set at 25 years and after five, ERCs will no longer apply, and the owner can bulk-reduce the loan down at any time.
A separate house adjacent to the hotel will also be renovated and rented out.
The management team was introduced to Cambridge & Counties Bank by Alan Laslett at panel broker Real Property Finance Ltd.
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Jo-Anne said: “We passionately believe the Sitwell Arms offers a wonderful experience to all types of guests and we’re truly excited by our upgrade programme.
“Opportunities and requirements continue to evolve post-pandemic, so we have invested to ensure we are delivering the best possible experience at fantastic value.”
Michelle Stevenson, relationship manager at Cambridge & Counties Bank, added: “We are delighted to be supporting Jo-Anne and the team at the Sitwell Arms Hotel.
“It is a wonderful, historic venue in a great location and benefits from strong demand from a large number of different types of guests.”
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