UK: Proprietor and operator Shiva Motels has accomplished a £300 million refinancing of its luxurious Marylebone lodge The BoTree with BlueWater Capital and NorthWall Capital.
The deal marks Shiva’s first transaction with BlueWater which offered a £170 million senior mortgage, and NorthWall which offered a £140 million secured facility.
It refinances an current mortgage with Cale Avenue Actual Property Companions and Crosstree Investments.
In October 2024, the 199-room property was reportedly dropped at market as a consequence of unsuccessful refinancing makes an attempt of £316.5 million. The finance would assist to repay an excellent debt of £275 million, with a senior mortgage from Cale Avenue and a junior facility from Crosstree.
On account of the brand new refinancing from BlueWater and NorthWall, a possible sale is now not an choice.
Rishi Sachdev, CEO of Shiva Motels, stated: “We’re thrilled to be establishing two new blue-chip lending partnerships, which can allow us to proceed our long-term technique for The BoTree and our mission of bringing ‘aware luxurious’ to the market.
“The BoTree’s location and future potential, coupled with the lodge sector’s continued progress, noticed us generate curiosity from a deep pool of funders eager to assist us on this transaction. We’ve remained affected person nonetheless, and have chosen two like-minded counterparties with the observe report and experience to assist us on the following stage of our journey,” he added.
Alexander Garnier, founding accomplice and portfolio supervisor at NorthWall, stated: “We’re delighted to accomplice with Shiva Motels and BlueWater Capital on this landmark transaction. This partnership underscores NorthWall’s means to ship tailor-made capital options with velocity and certainty. This transaction aligns with our technique to finance top-tier companies and property, additional reinforcing NorthWall’s management within the different credit score market, amid rising alternatives as banks reduce in personal credit score.”
