UK: Different asset supervisor Cheyne Capital has offered a £525 million senior mortgage to Fattal Resort Group to assist the refinancing of 4 London motels.
The 4 motels – NYX Resort London Holborn, Leonardo Royal Resort London Metropolis, Leonardo Royal Resort London Tower Bridge, and Leonardo Royal Resort London St Paul’s – had been acquired by Fattal in 2019 and function beneath its European arm, Leonardo Motels.
Representing greater than 1,300 bedrooms, the motels have undergone a refurbishment together with assembly and occasion areas, bars and eating places, swimming swimming pools, gyms, magnificence spas, and remedy rooms.
Alongside its personal funds, Cheyne’s accomplice Migdal Insurance coverage Firm additionally participated within the refinancing.
Man Vardi, M&A director of Fattal European Partnerships, mentioned: “We’re happy to collaborate with Cheyne Capital, who’ve introduced their distinctive experience to this important, high-profile financing of our lovely motels in London. Partnering with them, alongside Migdal Insurance coverage Firm, demonstrates the belief they’ve in our operational efficiency and hospitality platform, making certain we proceed to raise our choices on this vibrant metropolis.”
Arron Taggart, head of UK funding at Cheyne Actual Property, mentioned: “This refinancing is among the largest thus far in 2024 and demonstrates our capability to execute top quality transactions of measurement. In Fattal, we’ve got each an operator of the best calibre in addition to a funding accomplice that’s prepared to step up when required. The London resort market is proving to be a compelling funding because it continues to get well publish COVID-19, and we’ll proceed to hunt out comparable best-in-class investments corresponding to this.”
Erez Migdali, chief funding officer at Migdal Insurance coverage Firm, added: “Migdal Insurance coverage is delighted to accomplice once more with Cheyne Capital on this thrilling refinance of a high- high quality resort portfolio, operated by Fattal. Financing this portfolio of high-quality motels in key vacationer locations alongside our longstanding companions at Cheyne, aligns completely with Migdal’s experience in actual property funding and our dedication to supporting the expansion of sturdy corporations like Fattal Motels. We’re assured that these London motels will proceed to thrive and ship wonderful returns for policyholders.”
