Pallas Capital completes £10m refinance of Cotswolds hotel Dumbleton Hall

03 November 2026

Pallas Capital has completed a £10 million refinance of Dumbleton Hall, a 34-bedroom country house hotel in the Cotswolds. The facility will support the hotel through its trading ramp-up, only months after it reopened in April 2026 following an extensive renovation.

Set within 16 acres of grounds, Dumbleton Hall reduced its room count from 38 during the refurbishment to create a series of generous suites. Every bedroom sits within the main house, which is unique for a country house hotel, and plans are being developed for additional Woodland and Garden Lodges.

Since reopening, Dumbleton Hall has been listed in the 2026 Michelin Guide, named 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.

Lending against a hotel is specialist because value rests on the operating business as well as the building. Trading performance, seasonality, the strength of the operator and the reputation of the hotel all weigh on the underwriting, alongside the condition and cost of maintaining the property. Pallas Capital’s experience across development finance and bridging, including the restoration of historic buildings, equips it to assess these points with confidence.

Originator Archie Dickinson and Senior Underwriter Jamie Peacham managed the transaction for Pallas Capital. Their review covered the strength and location of the asset, the borrower’s profile and the professional team around the deal, with enhanced diligence applied throughout. The aim was to be thorough without being rigid, and a pragmatic, commercial approach to assessment helped get the transaction across the line.

Westfort Advisors acted as debt advisor to the borrower, with Stevens & Bolton providing legal advice. Pallas Capital was advised by Glovers and Savills provided the valuation, with Pride monitoring the refurbishment tranche.

Jamie Peacham, Senior Underwriter at Pallas Capital, commented:

“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, commented:

“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, commented:

“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.”