Finestday Malta plc, headed by hotelier Winston J. Zahra, has launched a €25 million bond issue to finance the expansion of the five-star Stock Exchange Hotel in central Manchester.

The majority of the proceeds – up to €18.74 million – will be channelled into the redevelopment of Norfolk House, an office building located directly opposite the hotel, into a 95-room luxury extension to be marketed as the “Stock Exchange Suites”.

The balance, approximately €5.66 million, will be used for general corporate funding purposes, as per the Prospectus.

The note carries a coupon rate of 5.5 per cent and is set to mature in 2036.

The Stock Exchange Hotel occupies a Grade II listed Edwardian Baroque building constructed as the headquarters of the Manchester Stock Exchange. It was acquired in 2014 by former Manchester United footballers Gary Neville and Ryan Giggs, and reopened in 2019 after extensive refurbishment.

Norfolk House, built in 1997, is set over five floors together with a two-storey basement car park. Planning permission for change of use to hotel was granted by Manchester City Council in December 2025.

The redevelopment will convert the building into a 95-room luxury hotel, with rooms ranging from 29 to 49 square metres. Plans include a new lobby and guest lounge, a small restaurant, gym and spa facilities, three meeting rooms and the retention of basement parking.

Works are scheduled to commence in the first quarter of 2026 and are expected to be completed by Q2 2027, when the property is targeted to become fully operational.

Total development costs, excluding acquisition, are estimated at approximately £16.3 million and will be financed through the bond proceeds via an intra-group loan arrangement.

Both the existing hotel and the planned extension will operate under the Autograph Collection Hotels brand, a global soft-brand owned by Marriott International.

Launched in 2009, Autograph Collection is positioned as a curated portfolio of independent upper-upscale and luxury hotels marketed under the tagline “Exactly Like Nothing Else”. As at December 2025, the brand comprised more than 330 hotels across over 50 countries.

Proposed check-in desk that will be stationed within the new building.

Under the franchise agreement entered into in 2024, Finestday UK has been granted a limited non-exclusive licence to use the Autograph Collection trademarks, systems and brand standards.

Operational management of both hotels is entrusted to TROO Hospitality, a boutique white-label management company formed as a joint venture between Winston J. Zahra and Millemont Capital Partners Limited.

Under a 15-year hotel management agreement commencing 1 January 2026 (with a further 10-year extension option), TROO Hospitality will act as sole and exclusive manager, overseeing day-to-day operations, marketing and revenue management. The operator will receive a base management fee of 2.5 per cent of total revenue for the first financial year (reducing thereafter) and an incentive fee calculated as a percentage of gross operating profit.

With upper-upscale occupancy levels in Manchester consistently exceeding 75 per cent and room rates outperforming regional averages, the addition of 95 rooms is intended to strengthen the Stock Exchange Hotel’s ability to capture leisure, corporate and event-driven demand.