Limestone Capital, an alternative asset manager in the hospitality and travel sector, has secured financing for the acquisition and rebranding of a prime central Madrid hotel located on C. de Atocha, 49, Centro, 28012 Madrid, Spain.
The financing was provided by Banco Pichincha España in the form of a senior debt facility, with a loan-to-value ratio exceeding 50%. This financing will be used to refinance the acquisition and repositioning of the hotel, which will be rebranded under the five-star Aethos brand.
Grazi Angelucci Paineli, managing director of M&A at Limestone said: 'The lower availability of finance across the market has been well-publicised, but the refinancing of our Madrid hotel demonstrates the unique attributes of this asset including its rich history, 88 well-appointed rooms and the best-in-class amenities. In addition, its prime location and potential value as an Aethos hotel further contribute to its appeal.'
JLL advised Limestone on the financing.
Claudio Sgobba, senior director, debt and structured finance, EMEA, JLL, said: 'We’re pleased to have supported Limestone Capital on securing this financing solution, which is demonstrative of the depth of liquidity for high quality assets in the hospitality sector, despite ongoing macroeconomic headwinds.'
