Irish hotel owner and operator iNua Hospitality has completed the refinancing of eight hotels across the country with a group of lenders.
The refinancing was provided by a consortium including AllianceBernstein and Earlsfort Capital Partners (Earlsfort), in a deal brokered by CBRE’s debt and structured finance team. The size of the loan was not specified.
The eight 4- and 5-star hotels represent a total of 864 beds and comprise the Radisson Blu Hotel & Spa, Sligo; the Hillgrove Hotel & Spa, Monaghan; the Tullamore Court Hotel; the Kilkenny Hibernian Hotel; the Radisson Blu Hotel & Spa, Cork; the Radisson Blu Hotel & Spa, Limerick; the Radisson Blu Hotel & Spa, Athlone; and the Muckross Park Hotel & Spa, Killarney.
Sean O’Driscoll, CEO of iNua Hospitality, said the eight hotels had recovered well in the wake of the pandemic. ‘We continue to experience very strong demand in 2023, with group occupancy of 82% in the first half of the year, and revenues up 23% on the previous year.’
This year, iNua plans to invest over €2 mln in the refurbishment of the hotels’ bedrooms, enhancing hotel facilities and sustainability initiatives.
Stephanie Muller, director, Debt & Structured Finance at CBRE, commented: ‘This transaction further demonstrates appetite from the lending market to support established sponsors with robust operating businesses. Through a comprehensive analysis and relevant representation of our client’s operational strength and financing needs to the market, CBRE was able to secure the most accretive financing solution in for iNua Hospitality.’
