Global alternative investment manager Castlelake has provided a £66m (€79.6m) mortgage-backed loan to refinance ProsperCap’s 17-hotel UK portfolio.
Castlelake, alongside existing capital partner AllianceBernstein, funded the loan to refinance a stabilised portfolio of hotel assets located across 15 cities.
The assets in the portfolio include hotels operating under Hilton, IHG and Marriott brands and are located in regional cities such as Manchester, Liverpool, Leeds, Nottingham and Glasgow, Castlelake said.
Eduardo D’Alessandro, Partner at Castlelake, said: “Since establishing its presence in Europe in 2006, Castlelake has been an active investor across real estate property types and has executed numerous credit investments in hospitality assets.
“This transaction is an example of the asset-based private credit solutions that we can provide to borrowers across Europe and the exposure we can deliver to investors.”
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