Privately-owned Edwardian Group London has received £375 mln (€445 mln) of new finance for its UK hotels in two separate transactions with German lender Aareal Bank and insurer Metlife.
Privately-owned Edwardian Group London has received £375 mln (€445 mln) of new finance for its UK hotels in two separate transactions with German lender Aareal Bank and insurer Metlife.
Edwardian Group London is a privately-owned, family-run business founded by Jasminder Singh Obe in 1977. The company owns a collection of four and five star luxury hotels operating beneath the Radisson Blu Edwardian London and May Fair brands.
Aareal is financing a hotel portfolio of five Radisson Blu Edwardian properties with a total of 996 rooms located in London. The bank acted as lender, arranger and agent for the £175 mln, seven-year facility.
'With this hotel portfolio financing, Aareal Bank once again proved its expertise as an international property financer with special knowledge in the area of hotel financings,' said Christof Winkelmann, managing director Special Property Finance at Aareal Bank.
Metlife is providing a £200 mln senior debt refinancing package for hotels including the May Fair Hotel in London. The loan has a 20-year term.
The refinancing deal was arranged for MetLife by Laxfield, a specialist commercial mortgage investment manager in the UK. The loan is secured against a portfolio of three prime assets comprising properties in London and Manchester.
