Asset manager Apollo has participated in a £348m (€400m) financing for a 271-key hotel asset located in the UK’s capital.
Cohort Capital and King Street Capital Management said they have teamed up with Apollo to provide the senior loan facility to support the refinancing of The Park Tower Hotel in Knightsbridge, London.
The new deal refinances debt originally provided by Cale Street Partners and extends Cohort Capital and King Street’s existing partnership with the property’s owners.
The 16-storey Park Tower hotel is Cohort Capital’s largest loan to date and marks the second collaboration with King Street Capital.
Rob Pritchard, CIO at Cohort Capital, said: “Park Tower represents a combination of scale and high repositioning potential in London’s prime hospitality market. Our approach supported the sponsor’s strategy and enabled us to structure a facility that unlocks the asset’s long-term value.
“This transaction underscores Cohort’s ability to execute on complex, large-scale financing in partnership with leading institutional stakeholders and reflects our growing capacity to support borrowers across the UK real estate market.”
Paul Brennan, partner and co-head of real estate at King Street Capital Management, said: “We’re pleased to partner with Apollo and Park Tower ownership, further underscoring our collaborative approach to working with experienced sponsors and lenders on high-quality, complex assets.”
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