London-listed Starwood European Real Estate Finance Limited (SEREF), with New York-based Starwood Property Trust (STWD) has acted as one of the three partners for the £147 mln (EUR 179 mln) mezzanine component of the £547 mln refinancing of the Maybourne Hotel Group in the UK.
London-listed Starwood European Real Estate Finance Limited (SEREF), with New York-based Starwood Property Trust (STWD) has acted as one of the three partners for the £147 mln (EUR 179 mln) mezzanine component of the £547 mln refinancing of the Maybourne Hotel Group in the UK.
The 5-year refinancing is secured on three five-Star luxury London hotels being Claridge’s, the Connaught and the Berkeley and consists of a £400 mln senior loan and £147 mln of mezzanine of which SEREF has committed £19 mln and STWD £30 mln.
SEREF’s investment was undertaken at a loan to value in the low 50% and the company expects to make a double digit yield in line with its investment criteria as outlined in its prospectus.
