Pallas Capital has completed a £10m refinance of Dumbleton Hall, a 34-bedroom country house hotel in the Cotswolds, with the facility supporting the business through its trading ramp-up following an extensive renovation.
The hotel reopened in April 2026, and the refinancing comes as it continues to establish its trading performance following the refurbishment.
Set within 16 acres of grounds, Dumbleton Hall reduced its room count from 38 to 34 during the renovation, creating a series of larger suites. All bedrooms are located within the main house, while plans are being developed for additional woodland and garden lodges.
Since reopening, the hotel has been listed in the 2026 Michelin Guide, included in Condé Nast Traveller’s guide to the best hotels in the Cotswolds and shortlisted for Best New Hotel at the Boutique Hotelier Awards 2026.
Hotel lending is specialist, with underwriting taking account of the operating business as well as the property itself. Trading performance, seasonality, operator strength and the hotel’s reputation can all influence the assessment, alongside the condition and maintenance costs of the asset.
Pallas Capital’s experience across development finance and bridging, including the restoration of historic buildings, was applied to the transaction.
Originator Archie Dickinson and Senior Underwriter Jamie Peacham managed the deal for Pallas Capital. Their assessment covered the asset’s strength and location, the borrower’s profile and the professional team involved, with enhanced due diligence carried out throughout.
The transaction was assessed with the aim of balancing thorough underwriting with a commercial approach to the borrower’s requirements.
Westfort Advisors acted as debt adviser to the borrower, with Stevens & Bolton providing legal advice. Pallas Capital was advised by Glovers, Savills provided the valuation and Pride monitored the refurbishment tranche.
Jamie Peacham, Senior Underwriter at Pallas Capital (pictured), said: “Dumbleton Hall Hotel has a long and varied history, having evolved through many chapters over the years.
“As with any property of this character and heritage, the paperwork only tells part of the story. Pallas looked beyond the figures, taking the time to understand both the property and the vision behind its future growth.
“As a result, the facility was structured to support the hotel at this stage of its journey. It is a good example of the range of deals Pallas will back when the people behind them clearly care this much, and we are glad to be part of the team supporting this next phase.”
Paul Vezolles, Sponsor, said: “Completing this refinancing is an important milestone for Dumbleton Hall.
“We’ve built on the hall’s extraordinary heritage to create a place guests absolutely love and want to return to. The response since reopening has been exceptional, from guests and from the industry. Pallas has structured the financing to reflect the strength of the business today and support Dumbleton Hall as it builds on that response to grow its reputation and turn that momentum into sustained trading performance.”
Deepak Drubhra, Co-founder of Westfort Advisors, said: “Financing a hotel in its first year of trading is always challenging, as lenders have limited track record to underwrite.
“We were able to present a credible and robust business plan, supported by the asset’s early results. Dumbleton Hall has quickly established itself, and Pallas were able to take comfort from early trading performance and the strength of the management and operator.”
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