Global alternative asset manager Cheyne Capital Management has provided a €200 mln-plus senior secured loan to leisure hospitality platform Beaumier, underscoring its confidence in the European lifestyle hotel market.
The loan will be used to refinance Beaumier’s existing bank facilities and support an ambitious capital expenditure programme, Cheyne said.
Owned by KSL Capital, the Beaumier platform consists of 12 lifestyle hotels in France (the Alps, the Luberon/Provence, and the Cote d’Azur), Switzerland (the Alps) and Spain (the Balearic Islands).
The portfolio currently comprises 546 rooms, which Beaumier plans to increase through expansion projects and further acquisitions across prime European destinations in the coming years.
Oriane Emsalem, CFO at Beaumier, said the funding from Cheyne ‘will allow us to increase focus on the repositioning of our hotels in the Luberon and Wengen, as well as the expansion of the brand through future strategic acquisitions in high-end European leisure destinations with a mission to offer our guests an intimate, authentic experience while connecting with nature’.
Antoine-Julien Richard, loan originator at Cheyne Capital Real Estate, added: ‘This pan-European facility embodies one of Cheyne’s overarching investment theses: to finance unique hotels managed by a strong operator and located in prime leisure markets.
‘We believe such assets offer both resilience to market volatility and further growth potential. The combination of Beaumier’s expertise in managing and repositioning hotels, coupled with KSL’s extensive track-record and market leading position in the leisure hospitality sector, was a key lending criterion for us.’
Beaumier and KSL were advised by Hogan Lovells, Deloitte and Monassier.
Cheyne was assisted by Allen & Overy Paris and Madrid as legal counsels and Étude Lasaygues as notaries in France.
