Specialty lenders Topland and OakNorth Bank provided the exceptional refinancing package through a combination of senior and mezzanine financing. They pointed to recent “positive occupancy data and forecasts” as the industry tries to recover from the lockdown.
The famous 214-room hotel, known as The Caley, at the west end of Princes Street is operated under the Waldorf Astoria brand and has been owned by Twenty14 Holdings, which has been based in Abu Dhabi since 2018.
Sol Zakay, CEO and Executive Chairman of Topland, said: âWe have a long history in the hospitality industry, both at the flagship level and at the mid-market level, and we continue to believe in the fundamentals of this class. ‘assets.
“The right assets under the right management are sure to rebound as we emerge from the pandemic and, with significant cash reserves ready to be deployed, we are keen to explore such opportunities across the capital stack. . “
The agreement, initiated by Topland, would be indicative of the current refinancing activity in the hotel sector. The company’s structured finance division has issued more than Â£ 150million in new loans in the past two months and is targeting Â£ 600million in total loans during 2021 in response to renewed interest from borrowers.
Meanwhile, Accor, the global hotel group behind the Ibis and Novotel brands, among others, said it was creating 100 jobs across Scotland following the reopening of the hospitality industry.
The company is adding hundreds of additional hotel positions across the UK and more roles are expected later this summer as stays increase and the prospect of more international travel looms.
Teams from more than ten Scottish hotels will take part in the firm’s recruitment days on July 20 and 21 at the Novotel Edinburgh Center.
Sophie Kilic, who leads Accor hotel talent and culture in Northern Europe, said: âThe hospitality industry has been damaged by Covid but it is recovering, reopening and creating jobs and opportunities as it always has. made.
“There are fantastic job opportunities in the hospitality industry today and opportunities to be part of a sector which is playing a huge role in the UK’s economic recovery.”
A tenth of Scottish hotels could disappear by 2023, warns restructuring expert